Printer Friendly

Trenton Industries Inc. -- gets commitment from Bank of Montreal.

TORONTO--(BUSINESS WIRE)--Feb. 10, 1995--Trenton Industries Inc. (TSE:TII) (the "Company") is pleased to announce that as the result of its performance of its undertakings with the Bank of Montreal (the "Bank"), the Bank has agreed to continue to support the Company and to extend to February 17, 1995 the Bank's deadline for a firm takeout financing commitment.

The Company also announces that in order to bridge its working capital requirements while changing bankers, it has this day completed $1,020,000.00 of bridge loan financing to June 15, 1995 (being a mix of new advances and extensions of existing advances). The bridge lenders' fee for this facility, in addition to interest, is $111,410.00 which may be satisfied at the Company's election and subject to regulatory approval by the issue of 857,00 common shares of the Company at $0.13 per share.

In conjunction with the Company's pursuit of new operating credit banking arrangements to support the growth of the Company and its subsidiaries, the Company intends to pursue a number of share issue transactions in order to re-rationalize the debt and equity structure of the Company and its subsidiaries. The intended transactions will include new equity capital by private placement, converting existing debt into equity, converting existing preferred shares of the Company into common shares, and exchanging shares of the Company's subsidiaries held by minority interests for common shares of the Company. The foregoing transactions are still being negotiated and are not subject to binding legal documentation at this time. If all of the transactions materialize, the Company would anticipate issuing its shares at a range of prices from $0.10 per share (to obtain arm's length new equity capital) to $0.17 per share (to acquire minority share interests).

The Company is also very pleased to announce that Bryan McJannet, formerly Managing Partner -- Management Services of Hees International Bancorp., will be joining the Company as its full time Chairman and Chief Executive Officer. He will be focusing on strategic planning and finance for the Company and its subsidiaries. Brian Kinmond, who has successfully operated and grown Trenton Machine Tool Inc., will continue as President and Chief Operating Officer of the Company and its subsidiaries and will focus on operational aspects of the business.

The board of directors of the Company feels that Bryan McJannet and Brian Kinmond, whose skills complement one another, constitute the nucleus of a strong executive team and that the Company will be well positioned to manage and sustain its growth.

CONTACT: Trenton Industries Inc., Toronto

Brian Kinmond, 905/508-0405; fax: 905/508-0888 REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

COPYRIGHT 1995 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Feb 10, 1995
Previous Article:Belden & Blake Corp. announces its first Michigan Basin acquisition.
Next Article:Almiria to distribute Biomira shares.

Related Articles
PSEG announces plan to stimulate recovery.
Trenton townhouse wins excellence award. (New Jersey).
'MIRACLE CHILD' RECOVERING\Cancer, transplant can't slow down boy.
Leewood's Randy Lee wins affordable housing award. (Transcripts).
A Christmas to remember. (History-Struggle for Freedom).
Wachovia's Trenton relocation.
Seventh Annual 'Build Day' is looking for supporters.
New members.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters