LANGLEY, BC, Jan. 13 /CNW/ - Bevo Agro Inc. (BVO:TSX-Ven.) announces that
it has repaid in full a $1,000,000 loan from Banyan Capital Partners, which
bore interest at the rate of 12% per annum. Repayment of the loan will save
the Company $120,000 annually in interest costs.
Concurrently, C.G.M. Ventures Inc. has acquired 1,612,487 of the
2,166,292 shares of Bevo that were owned by Banyan Capital Partners. CGM is
wholly owned by Jack Benne, Bevo's President and CEO, Leo Benne, Bevo's
Vice-President and General Manager, and another family member. The remaining
553,805 Bevo shares owned by Banyan have been acquired by another member of
Bevo's management team. Banyan had originally acquired the shares over the
past five years, as interest payments under a $5,000,000 convertible debenture
that was retired last February.
Bevo Agro is North America's leading supplier of propagated agricultural
plants, growing and distributing vegetable, flower, berry and other plant
seedlings to North America's growers. Bevo propagates quality seedlings and
plants for wholesale vegetable greenhouse growers, field growers and nursery
operators from its 34 acre production facility.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this news release.
For further information:
For further information: Jack Benne, President, Bevo Agro Inc., Phone:
(604) 888-0420, Fax: (604) 888-8048, Email: firstname.lastname@example.org