BELGIUM, Wis., Jan. 22 /PRNewswire-FirstCall/ -- Mach One Corporation (Pink Sheets: MNCN), a biological solutions company that develops products that produce a positive long term benefit to the agricultural and consumer market, announced today that it has completed its Subordinated Note Swap of $1.5 million with an Investor.
Mach One issued the Original Note to facilitate the equipment purchase for its first production facility in Wisconsin. The Original Note had an amortization schedule that started after the completion of the equipment purchase. The new board upon review of that part of the capital structure did not see the need to start amortization during the Wisconsin facility startup stage so it proposed exchanging the Original Note for a Zero Coupon Convertible Note similar in structure to the Note issued in the Pacific Rim Foods Ltd. transaction.
Monte B. Tobin, Chairman and Chief Executive Officer of Mach One, said, "We are pleased that our board has taken an active role in assisting the company in matching its capital structure to its business model. We continue to execute on our business plan and are pleased with this recent capital change which when combined with the capital provided by Pacific Rim Foods Ltd, and the recent $500,000 and $1.5 million capital placement will allow Mach One to move forward on execution of its business model."
Tad Ballantyne, Director, said, "We are pleased to have a strategic
Investor who recognizes the benefits to both parties of the Note exchange. We
look forward to the strategic Investor's participation as a board member along
with the addition of another board member from the announced Ceres Organic
transaction. Both these anticipated board members have extensive experience
in the 'healthy food' sector which is part of our mission of building a global
company focusing on the 'health benefits to man and animal.' Execution of
both capital fo
|SOURCE Mach One Corporation|
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