Brandevor appoints investment banker.REDMOND, Wash.--(BUSINESS WIRE)--Feb. 26, 1996--Brandevor Enterprises Ltd. (BVE BVE abbr. Black Vernacular English .T) today announced that MicroStar Breweries Inc., its wholly owned U.S. operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. (formerly known as Brandevor USA Inc.) has entered into agreements with Joseph Charles & Associates, a U.S.-based investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. , designed to enable the company to capitalize as required to take advantage of current and projected growth opportunities. Joseph Charles has been retained to use its best efforts to arrange a funding in MicroStar for up to $650,000 (U.S.). If fully subscribed Fully Subscribed A situation in which an underwriting firm has successfully sold to investors all of its available issues of a public offering of securities. When the issue is fully subscribed, the underwriter's risk of being undersubscribed (being unable to sell its allotment of , the investors will receive a maximum of 15.6 percent ownership interest in MicroStar, and, under certain conditions and pending regulatory approval, will be given the option to convert that interest into shares of Brandevor at a price equivalent to 25 cents (Canadian) not earlier than 12 months after completion of the funding and for a period not exceeding two years. Charles has also been engaged to assist MicroStar to complete a strategy to raise additional funds so that the company will be in a position to complete a capacity expansion program in order to meet projected needs. "The appointment of Joseph Charles as our long-term financial partner is the culmination of six months of study and review," stated Robert Wilson, Brandevor CFO See Chief Financial Officer. . "We are excited by the relationship because our companies have a high degree of philosophical agreement and the bottom line is that our management will now be able to focus on the explosive micro brewing industry secure in the knowledge that the finance side will be able to keep up with the growth on the industry side." NOTE: The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither approved nor disapproved the contents of this release. -0- Robert M. Imeson, Director CONTACT: Brandevor USA Inc. Robert M. Imeson, 206/881-5095 |
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