Pallet Pallet Completes $20 million Financing With Equity Merchant Banking Corporation And Connecticut Bank of Commerce.TORONTO--(BUSINESS WIRE)--Oct. 14, 1997--PALLET PALLET INC.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : PLT PLT psittacosis-lymphogranuloma venereum-trachoma (group); see Chlamydia. PLT psittacosis-lymphogranuloma venereum-trachoma (group). ) ALL FIGURES EXPRESSED IN U.S. DOLLARS Mr. Douglas Moore, President and Chief Executive Officer, Pallet Pallet Inc. announced today that the Company has completed it's financing with Equity Merchant Banking Corporation (EMBC EMBC European Molecular Biology Conference EMBC East Midlands Broadband Consortium (UK) EMBC International Conference of the Engineering in Medicine and Biology Society EMBc Effective Modal Bandwidth Calculated ) and Connecticut Bank of Commerce (CBC (1) (Cell Broadcast Center) See cell broadcast. (2) (Cipher Block Chaining) In cryptography, a mode of operation that combines the ciphertext of one block with the plaintext of the next block. ). Pursuant to these transactions, CBC will extend to Pallet Pallet a $14.5 million receivable purchase facility, and EMBC will provide $5.5 million equipment and inventory financing. In conjunction with these facilities, EMBC has also completed a private placement with the Company in the approximate amount of 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. $2.1 million. In consideration for the total transaction, approved by Shareholders on August 11, 1997, the Company will issue to EMBC a total of approximately 36 percent of the outstanding shares of Pallet Pallet. These facilities will provide sufficient funding to finance the daily activities of the Company, consolidate all existing bank lines of credit, and make final payment to holders of promissory notes. Mr. Douglas Moore stated, "With the completion of this transaction, the restructuring of the Company is now complete, and management can now move forward to implement its business plan for growth and profitability." Pallet Pallet Inc. operates one of North America's largest integrated distribution networks for new and recycled wood pallets, reusable plastic pallets and containers, and related products. The Company is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "PLT". CONTACT: Pallet Pallet Inc. Investor Relations, 416/621 6690 416/621 6354 (FAX) |
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