MONTREAL, Aug. 26 /CNW Telbec/ - Ranaz Corporation ("Ranaz")
(TSX-V: RNZ), a company specialized in the manufacturing and marketing of
protein and dietary supplements, reports that it has issued today a $1.5
million unsecured convertible debenture to Fondaction, le Fonds de
développement de la Confédération des syndicats nationaux pour la coopération
et l'emploi ("Fondaction").
The five-year debenture bears interest at a rate of 12% per year and is
convertible into common shares of Ranaz at $0.96 per share for the first
24 months, after which the conversion price will increase by 10% each
subsequent year. Interest will be capitalized in the first year, and the
Company benefits from a capital repayment holiday for the first two years.
After the initial 24-month period, Ranaz has the option of repaying the
debenture should the price of the common shares of Ranaz exceed the conversion
price of the debenture by 50% for a 60-day period. Fondaction will then have
the option of converting the debenture into shares of the Company by
increments of $250,000 and being repaid any unconverted balance, or converting
the entire debenture into shares of the Company. Fondaction must keep the
debenture and any shares resulting from conversion until December 27, 2008.
"We are pleased to have the support of a high-quality strategic financial
partner like Fondaction," said Jean Bourassa-Marineau, President and Founder
of Ranaz. "Their support for our current and future growth objectives is an
important vote of confidence in our business plan and growth strategy."
"Ranaz is a company that stands out because of its capacity for
innovation, its high-quality products and management's vision. Fondaction is
proud to support the development of this dynamic company that has provided
70 jobs for Saint-Eustache to date," added Geneviève Bouthillier, Assistant
Director of Investment at Fondaction.
About Ranaz Corporation
Ranaz is a corporation specializing in the manufacture and marketing of
protein and dietary supplements. Its mission is to design, develop and market
nutritional, protein and dietary supplements under its own corporate brands
and concepts, such as Protidiet and ProtiLife, as well as under private
labels. For more information about the Company, please visit our website at
Fondaction invests in venture capital in order to maintain and create
jobs in Québec. Its net assets, which stood at $627 million as at May 31,
2008, are derived from retirement savings collected from more than
85,000 shareholders. Fondaction is the financial partner of about a hundred
enterprises and partner and specialized funds. It favours enterprises that
subscribe to a participatory management process, enterprises in the social
economy (employee controlled, cooperatives, etc.) and those that practice
environmental stewardship. Fondaction is Québec's first financial institution
to obtain OS (Organisational Stakeholder) status under the Global Reporting
Initiative (GRI), implemented by the United Nations Environment Programme
(UNEP). www.fondaction.com, www.REERvert.com.
Certain statements contained in this news release, other than statements
of fact that are independently verifiable at the date hereof, may constitute
forward-looking statements. Such statements, based as they are on the current
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown, many of which are beyond Ranaz's control.
Such risks include but are not limited to: the impact of general economic
conditions, changes in the regulatory environment in the jurisdictions in
which Ranaz does business, stock markets volatility, fluctuations in costs,
and changes to the competitive environment due to consolidation, as well as
other risks disclosed in public filings of Ranaz. Consequently, actual future
results may differ materially from the anticipated results expressed in the
forward-looking statements. The reader should not place undue reliance, if
any, on the forward-looking statements included in this news release. These
statements speak only as of the date made and Ranaz is under no obligation and
disavows any intention to update or revise such statements as a result of any
event, circumstances or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Martin Vidal, Executive Vice President and CFO,
Ranaz Corporation, (450) 491-7106, Ext. 213, email@example.com;
Geneviève Bouthillier, Assistant Director of Investment, Fondaction CSN, (514)
525-1904, firstname.lastname@example.org; François Kalos, President,
SOLAK Communications, (450) 993-0828, email@example.com; Media: Carlo Tarini,
President, Impact Communication, (514) 916-2436, firstname.lastname@example.org