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Medis Technologies investors exchange 95% of 6% convertibles
By Angela McDaniels
Seattle, April 24 - Medis Technologies Ltd. said that institutional investors holding $46,582,000, or 95%, of its 6% senior convertible notes due 2010 agreed to exchange their notes for 2,948,806 of Medis' common shares.
This number includes 256,201 common shares, valued at $30 per share, in lieu of future interest payments to maturity minus an 18-month waiver of interest payments, according to a company news release.
The remaining shares were valued at about $14.445, roughly half of the $30.60 closing price of the stock on Friday. The convertibles had a conversion price of $17.30.
"[W]e now have a balance sheet without significant debt, which provides us with financial flexibility for building additional automated lines to produce our Power Pack product," chairman and chief executive officer Robert K. Lifton said in the release.
"We are already moving forward in our planning for such lines to be operated in Ireland under Celestica's management in addition to the first automated line now under construction."
Medis Technologies is a New York company that develops and sells liquid fuel cell technology.
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