Converse Inc. Announces Financing Matters.Business Editors NORTH READING, Mass.--(BUSINESS WIRE)--June 30, 2000 Converse (logic) converse - The truth of a proposition of the form A => B and its converse B => A are shown in the following truth table: A B | A => B B => A ------+---------------- f f | t t f t | t f t f | f t t t | t t Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CVEO). Converse Inc. announced that it is currently in discussions that would result in a financing transaction which would infuse in·fuse v. 1. To steep or soak without boiling in order to extract soluble elements or active principles. 2. To introduce a solution into the body through a vein for therapeutic purposes. fresh liquidity into the Company. The Company expects to conclude a transaction by July 31, 2000, although there can be no assurance that it will do so. The Company has the support of its senior lenders to complete the financing. At that time, the Company will engage in discussions with the holders of its 7% convertible subordinated notes (the "Notes") to consider restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). its obligations to them. Communications with their representatives have begun. As previously indicated in its public announcement on May 16, 2000, the Company has not made the June 2000 interest payment with respect to the Notes. This non-payment has constituted an event of default under the related indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. . Any statements set forth above which are not historical facts, including those statements [pilcrow (paragraph sign)] concerning the belief, expectation or intent of the Company are forward looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Potential risks and uncertainties include such factors as the financial strength of the Company, the competitive pricing environment and inventory levels within the footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). and apparel industries, consumer demand for athletic footwear, market acceptance of the Company's products, the availability and cost of working capital financing, the strength of the U.S. dollar and the success of planned advertising, marketing and promotional campaigns, the ability of the Company to complete a proposed financing transaction and other risks identified in documents filed by the Company with the Securities and Exchange Commission. |
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