BTI's Restructuring of Debt Agreement with Merita Bank
Battery Technologies Inc. (BTI, Toronto) announced the successful restructuring of the company's US$4.8 million long-term debt agreement with Merita Bank Ltd. Under the terms of the new agreement, the company will pay interest at a rate of 5 percent per annum on the amount of the loan with interest payable by the company on a quarterly basis. "The restructuring of our long-term debt is another crucial step to ensure BTI is in the best possible financial position as the company expands its marketing programs for the worldwide commercialization of the RAM battery technology," stated Bruce Pope, president and CEO. "We are very pleased with the strong support shown by Merita and our continuing relationship with them."