Converge Global Announces Debt Restructuring and New Directors.Business Editors & Internet Writers SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif.--(BUSINESS WIRE)--Feb. 14, 2001 Converge Global Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CVRG CVRG Cardiovascular Research Group ) today announced that it has restructured and settled approximately $425,000 in debt, which was effectively 57% of the outstanding liabilities of the company. Converge Global also announced a change of its officers and directors. Tariq Khan resigned as an officer and director of the company and was replaced by Akhee Rahman, who will act as secretary, treasurer and a director of the company. Imran Husain, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Converge Global, stated: "We were very happy to have been able to restructure our company and its finances with no dilution to our current shareholders. We feel that we are now very well positioned to approach various financing resources for additional capital. Furthermore, the current market environments have created a number of unique opportunities, and we feel that this corporate restructuring puts us in a more favorable position Noun 1. favorable position - the quality of being at a competitive advantage favourable position, superiority advantage, vantage - the quality of having a superior or more favorable position; "the experience gave him the advantage over me" to implement an aggressive acquisition strategy." Converge Global is an emerging Internet incubation and services firm engaged in developing Internet companies that present exceptional global e-commerce opportunities. The company has the capacity to utilize an offshore delivery model to provide a full range of Internet services. Included in this news release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurances that such expectations reflected in such forward-looking statements will prove to have been correct. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion