InterNatural Waters & Beverages announces financial restructuring.LONDONDERRY, N.H.--(BUSINESS WIRE)--June 21, 1995--InterNatural Waters & Beverages Corp. (NASDAQBB: IBEV IBEV Igreja Baptista Esperanca Viva (Faro, Portugal) .U) today announced a series of transactions whereby certain debt is being converted to equity, thereby reducing the company's overall capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . In two (2) separate, but related transactions, the company will achieve the conversion of currently existing $400,000 of senior debt to equity via the company's common stock, priced in accordance with the company's upcoming private placement. Additionally, in other unrelated transactions, the company will convert over $300,000, combined of debt and accrued expenses Accrued Expense An accounting expense recognized in the books before it is paid for. It is a liability, usually current. These expenses are typically periodic and documented upon a company's balance sheet due to the high probability of collection. , to equity via the company's common stock. Stated R. Lora, 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 IBEV, "In their totality, these items and others currently being finalized, represent a reduction or deferrment of cash requirements of approximately $900,000. "This not only represents a significant improvement of our balance sheet, but also an expression of confidence by the participants in our plans for the company." The company also announced its intention to relocate its headquarters to Florida, in keeping consistent with its focus on priority markets. "This will put us in the heat of the battle and will allow us to closely monitor the upcoming Splash vending test, which we feel has the potential to be a big profit contributor," stated Tom Ferraro, IBEV VP of operations. InterNatural Waters and Beverages imports, distributes and markets "Isabelle" spring water from France. All of its current revenues are attributable to this product. CONTACT: Ruly rul·y adj. ru·li·er, ru·li·est Neat and orderly: "A small, ruly beard balances his hair" Whitney Balliett. Lora IBEV C.E.O. 603/437-6075 or Herbert Lanzet Paul Holm holm n. Chiefly British An island in a river. [Middle English, from Old Norse h H.L. Lanzet Inc. 212/687-0061 |
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