Devine Entertainment Renegotiating Convertible Debt.Business Editors TORONTO--(BUSINESS WIRE)--Jan. 17, 2003 Devine Entertainment Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :DVN DVN Digital Video Network (Internet2) DVN Digital Value Network DVN Diploma in Veterinary Nursing DVN Device Number ) today announced that the Company has reached an agreement with the majority of its outstanding debenture holders to postpone certain principal payments. In aggregate, CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $1,385,800 principal amount of the Series 1 and 2 Subordinate Convertible Debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. are currently issued and outstanding. As of December 31, 2002 the Company was in default on the Series 2 Debentures. The Company previously reported that because of conditions in the capital markets that made it difficult for the Company to raise equity investment, its working capital continues to be limited. With the support of its debt holders, the Company had previously postponed certain interest payments. David Devine, President and 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. stated, "The Company is looking forward to beginning new film productions in the first quarter of 2003 and to raising additional working capital shortly thereafter. Terms for the debenture will be finalized at this time. Given that a majority of the debenture holders also participated in the previously disclosed financing to restructure the Company's Royal Bank debt in 2002, the Company is pleased with the continued support of the debenture holders." Five-time Emmy Award-winning Devine Entertainment Corporation is a developer and producer of high-quality children's and family films designed for worldwide television and cable markets and international home video markets. The Company's interactive history website, www.devinetime.com, was a YAHOO! Canada "Pick of the Week" and won first prize in the Entertainment category at the Atlantic Digital Media Festival. This press release may contain 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. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the future performance of Devine Entertainment Corporation. Forward-looking statements, specifically those concerning future performance and the achievement of operating profitability are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties include the Company's limited operating history and fluctuations in revenues; market acceptance of the Company's products and services; competition within the film and entertainment industry and the introduction of new entrants and/or products in the Company's markets; adverse changes in governmental regulations and policies affecting the film and entertainment industry; product development risks and risks of technological change; the risk of unanticipated expenses; and other risks and uncertainties all as described in the disclosure documents filed with securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities in accordance with applicable securities laws. |
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