Bico reduces conversion ratio on preferreds

By Sheri Kasprzak

Atlanta, March 31 - Bico Inc. said it has reduced the conversion ratio on its series M preferred stock.

The ratio will be significantly reduced to 13.15 common shares for each preferred from 1,000 common shares for each preferred.

The holders of the preferreds also agreed to extend the conversion date from Nov. 11, 2006 to a schedule that begins Nov. 11, 2007, when part of the preferreds will be exchanged for common shares at the new ratio.

Currently, there are 125,470,031 outstanding series M preferred shares outstanding.

In other news, the company announced the Ken Raznick has resigned as a director and officer and Mark DiCamillo, the company's chief operating officer, has been appointed to the board of directors.

The reduction in the conversion ratio and the changes in management, according to a company statement, are part of claims arising from Bico's merger with cXc Services Inc. in the past year.

Based in Dove Canyon, Calif., Bico produces laboratory equipment.

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