Senetek PLC Announces $1.76 Million Settlement - 500 Beiträge pro Seite

[V51]

das sollte doch nen heftigen Bounce geben

888791


(PR NEWSWIRE) Senetek PLC Announces $1.76 Million Settlement From U.S. Internat
onal Trading Corporation
Senetek PLC Announces $1.76 Million Settlement From U.S. International Trading C
rporation

NAPA, Calif., Nov. 10 /PRNewswire-FirstCall/ -- Senetek PLC
(OTC Bulletin Board: SNTK), www.senetekplc.com, a healthcare technologies
company focused on developing and co-marketing products for the anti-aging
markets worldwide, announced it has reached an agreement to restructure a
defaulted $2.3 million, six year amortizing note of U.S. International Trading
Corporation, under which only $188,000 had been paid through July 2004, all
allocated to interest income. Under the terms of the restructuring, Senetek
has received $240,000 since August 1, 2004 and will receive additional
payments totaling $1,120,000 before the end of 2004. Senetek has also
received a $400,000, two and one half year, secured amortizing note bearing
interest at 8% per annum. Under the terms of the agreement, if USITC fails to
pay any of the $1,120,000 due in 2004 or misses any quarterly payment under
the new $400,000 note, all of its obligations under the original $2.3 million
note will be reinstated and subject to acceleration for non-performance.
The original note had been issued as part of the price for U.S.
International Trading Corporation`s purchase of trademarks acquired by Senetek
in 1995, which had been carried on Senetek`s balance sheet at no value. Since
collection of the original note had been uncertain, no amounts had been taken
into income pending payment and all payments received by Senetek will be
recorded as interest income or gain from discontinued operations in the period
received.
Frank J. Massino, Chairman and Chief Executive Officer of Senetek PLC,
commented, "We are gratified that this situation has been resolved. This
restructuring will generate $1,360,000 of cash in 2004, further strengthening
Senetek`s balance sheet for investment in building the business, and all of
this cash will drop to our bottom line in 2004 as gain on the transaction, as
will payments on the $400,000 promissory note in 2005 through 2007."
Visit Senetek PLC`s Web site at http://www.senetekplc.com.

[cisconasdaq]

Hallo,
nach dem Quartalsbericht vom 13.11. 3.00 Uhr können wir am Montag vielleicht mit steigenden Kursen rechnen.