Brio Industries announces new share issuance and settlement of claim.
This placement was undertaken to supplement the company's working capital through Brio's busy Summer season. Each unit will be comprised of one common share and two warrants, each of which is exercisable for five years to purchase one additional share for $2.80.
Management has also agreed to settle claims by the Japanese Consumers Cooperative Union relating to water supplied by a subsidiary of the company by the issuance of 80,766 common shares of the company at a deemed value of $2.50US per share to JCCU's subsidiary, Co-optrade Japan Ltd. This dispute arose as part of a wide-spread recall of imported water into Japan that affected several Canadian importers, including the company. Whereas the company does not admit any liability in the settlement, management believes that it is a fair one that will keep the door open to continued dealings by the company in Japan.
None of these securities will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Brio and its subsidiaries are engaged in the packaging and distribution of juices, water and private label carbonated beverages in Western Canada and distribution into the Northwestern United States.
CONTACT: Brio Industries Inc.
Robert Hunt, 604/574-9220
Strategic Growth International
Richard Cooper/Stan Altschuler, 516/829-7111
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|Date:||May 24, 1996|
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