November 23, 2001 – Re-Open Sub Dept Agreement
maxill inc. (MIL, CDNX)
ST. THOMAS, Ontario
maxill inc. has announced today that it has little choice but to make an attempt at re-opening negotiations surrounding it’s $1.84 Million Dollar U.S. Convertible Debenture that was issued earlier this year to a dental industry strategic alliance partner. Company President John Shaw states; “the continued and rapid erosion of the Cdn dollar to our Debenture currency of U.S. dollars is further hampering profitability efforts underway at the Company. The general consensus in the currency markets and that of maxill’s financial advisors is that the Cdn dollar over the life of our Debenture is going to drift even lower from where it is today. There is no long term optimism in the Cdn dollar gaining significant ground vs. the Greenback. Even without the currency problems associated with our Debenture, the Company has many challenges ahead to achieve any sort of sustained profitability on an ongoing basis . When our Debenture was first issued, we did not foresee such a sudden and extensive fall in the Cdn dollar vs. the U.S. dollar nor did we have the financial resources available to hedge such a large amount of U.S. funds going forward. Our Debenture holder has no obligation to assist maxill yet our relationship is rock solid.” The Company hopes to have some sort of currency cap or some type of downside limit arrangement in place before the end of 2001 or early in 2002.
For further information John Shaw can be reached at 519-631-7370 or at: firstname.lastname@example.org