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JER Reaches Agreement in Principal to Issue Shares in Settlement of $4.15 Million of Loans and Convertible Debt
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VANCOUVER, BC -- (Marketwire) -- 01/07/09 -- JER Envirotech International Corp. (TSX-V: JER) (FRANKFURT: KFTB) is pleased to announce that the Company has reachedan agreement in principal with key debt holders for the settlement ofapproximately $4.15 million in debt including accrued interest. Pursuantto the settlement, JER will issue approximately 41,498,490 common shares ata price of $0.10 per share to settle the debt and accrued interest in full.
Edward Trueman, President of JER, stated the following in connection withthe settlement, "The removal of substantially all of our debt wouldsignificantly strengthen our balance sheet, reduce drain on available cash,and allow JER to attract fresh working capital for support of a strongorder book."
The settlement is subject to entering into formal agreements with eachparticipating creditor, as well as the approval of the TSX VentureExchange, and if required, shareholder approval. In addition, the Companyhas agreed to seek Exchange approval to repricing warrants previouslyissued to finders in connection with the debt as compensation for theirservices in connection with the settlement proposal.
About JER Envirotech International Corporation
JER is a global supplier of thermoplastic biocomposite compounds andsheeting. The Company's patented technology utilizes waste or by-productmaterials, such as wood fiber or rice hulls, to produceenvironmentally-friendly alternative products for applications in theconstruction, transport, automotive and toy industries. The Companycurrently has a range of biocomposite formulations which it developed incollaboration with the National Research Council - Industrial MaterialsInstitute of Canada.
JER is publicly-traded on the TSX Venture Exchange (TSX) under the symbol"JER" and on the Frankfurt Stock Exchange under the symbol "KFTB."
For more information, please visit www.jerenvirotech.com or contact:
JER Envirotech International CorporationMr. Ji YoonChief Financial OfficerInternational: +1 (604) 940-9262jyoon@jerenvirotech.com
The TSX Venture Exchange does not accept responsibility for the adequacy oraccuracy of this release.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:Mr. Ji YoonChief Financial OfficerInternational: +1 (604) 940-9262Email ContactEmail: Email ContactWebsite: www.jerenvirotech.com
The settlement is subject to entering into formal agreements with eachparticipating creditor, as well as the approval of the TSX VentureExchange, and if required, shareholder approval. In addition, the Companyhas agreed to seek Exchange approval to repricing warrants previouslyissued to finders in connection with the debt as compensation for theirservices in connection with the settlement proposal.
About JER Envirotech International Corporation
JER is a global supplier of thermoplastic biocomposite compounds andsheeting. The Company's patented technology utilizes waste or by-productmaterials, such as wood fiber or rice hulls, to produceenvironmentally-friendly alternative products for applications in theconstruction, transport, automotive and toy industries. The Companycurrently has a range of biocomposite formulations which it developed incollaboration with the National Research Council - Industrial MaterialsInstitute of Canada.
JER is publicly-traded on the TSX Venture Exchange (TSX) under the symbol"JER" and on the Frankfurt Stock Exchange under the symbol "KFTB."
For more information, please visit www.jerenvirotech.com or contact:
JER Envirotech International CorporationMr. Ji YoonChief Financial OfficerInternational: +1 (604) 940-9262jyoon@jerenvirotech.com
The TSX Venture Exchange does not accept responsibility for the adequacy oraccuracy of this release.
Distributed by Filing Services Canada and retransmitted by Marketwire
Contact:Mr. Ji YoonChief Financial OfficerInternational: +1 (604) 940-9262Email ContactEmail: Email ContactWebsite: www.jerenvirotech.com
For more information, go to www.marketwire.com
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