LANGLEY, BC, Oct. 1 /CNW/ - In September of 2003, Bevo Agro Inc.
(BVO:TSX-Ven.) issued a $5,000,000 convertible debenture to Banyan Capital
Partners Limited Partnership. The debenture matured on September 24, 2007, and
payment of the $5,000,000 principal amount is now due.
Repayment of the debenture was to be made with funds to be provided in
September by the Company's banker, as detailed in the Company's news release
of June 21, 2006. However, the Company's banker has postponed the scheduled
September advance of $5,000,000 as the Company's debt service and debt to
equity ratios do not meet the bank's pre-condition to funding. If the required
ratios are satisfied at the end of the Company's 2nd quarter, funds may be
advanced in early 2008. While Bevo hopes to discuss a mutually acceptable
solution or extension of the loan with Banyan, there is no guarantee that
discussions will be successful.
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 primarily 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; Doren
Quinton, Investor Relations, Phone: (250) 376-8989, Fax: (250) 374-2692,