Commercial Consolidators Reprices Private Placement Purchase.Business Editors TORONTO--(BUSINESS WIRE)--May 8, 2002 Commercial Consolidators Corp. (the "Company") (AMEX AMEX See: American Stock Exchange :ZCC ZCC Zero Core Contribution ZCC zone of calcified cartilage ZCC Zone Compliance Coordinator (State Farm Insurance) ) (CDNX CDNX See Canadian Venture Exchange (CDNX). :CCZ CCZ Cyber Condition Zebra (Washington Naval Yard) CCZ Command and Control Zone CCZ Carlet-Charpin-Zinoviev (Equivalence Relation of Functions) ) (Frankfurt:CJ9) announces here today that, further to its press release of May 2, 2002, the Company and Michael Weingarten, the Chairman of the Company, have agreed to reprice a previously announced transaction wherein it was announced that Mr. Weingarten would acquire shares of Company common stock for U.S.$0.63 per share. Under the terms of the revised transaction, Mr. Weingarten will convert U.S.$600,000 of Company indebtedness owed to him into 400,000 shares of common stock, each share being valued at a price of U.S.$1.50. In addition, Mr. Weingarten will receive five year warrants to purchase an additional 200,000 shares of Company common stock at an exercise price of U.S.$1.65 per share. Closing of the transaction remains subject to approval of the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . About Commercial Consolidators Corp. Commercial Consolidators Corp. is a diversified distributor of business technologies (cellular phones and accessories, and computer hardware and software) and consumer electronics to the Americas (North, South and Central). The Company's head office is located in Toronto, Ontario. Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. |
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