Sunbase Asia, Inc. Reports Convertible Debentures Have Been Called.LOS ANGELES--(BUSINESS WIRE)--June 18, 1998--On June 15, 1998 the legal counsel for the holders of certain 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. ("Debentures") issued by China Bearing Holdings Limited ("CBHL CBHL Council on Botanical and Horticultural Libraries CBHL Capitol Beltway Hockey League (ice hockey league; Baltimore/Washington area) CBHL Cape Breton Hockey League (Nova Scotia, Canada fantasy hockey league) "), notified CBHL, China International Bearing Holding Limited ("CIBHL") and Asean Capital Limited ("ACL See access control list. 1. ACL - Access Control List. 2. ACL - Association for Computational Linguistics. 3. ACL - A Coroutine Language. A Pascal-based implementation of coroutines. ["Coroutines", C.D. "), all of which are related companies to Sunbase Asia Inc. ("Sunbase Asia") (Nasdaq NM Symbol: SNBS SNBS Slovene National Benefit Society SNBS Société Nouvelle des Briques de Saga (French) ) (the "Company"), that they are demanding payment in full on the $11.5 million principal amount of the Debentures plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. by June 29, 1998. The Debentures are guaranteed by Sunbase Asia, CBHL, CIBHL and ACL. Counsel for the holders of the Debentures have notified CBHL, CIBHL and ACL that legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. will commence against CBHL, CIBHL and ACL without further notice if payment on the Debentures is not received by June 29, 1998. Sunbase Asia is a leading manufacturer and distributor of a wide range of bearing products. Most of the Company's manufacturing facilities are located in China. The Company's bearing operations include more than 2 million square feet of manufacturing space and over 12,000 employees. Southwest Products Company, the Company's U.S. manufacturing facility, is a 53-year old designer and producer of highly-engineered bearings used by many Fortune 500 companies.
CONTACT: Investor Contact: John Nesbett, ext. 303
Scott Henry, ext. 129
Tel: 212/838-3777
or
Sunbase Asia/Southwest Products
Company Contact: Bill McKay
Tel: 800/826-0729
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