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Clearly Canadian Plans to Restructure Debt
Monday February 23, 2009, 9:00 am EST
TORONTO--(BUSINESS WIRE)--CLEARLY CANADIAN (OTCBB: CCBEF - News) (the “Company”) announced today that it has suspended interest payments on its senior convertible notes in the amount of $9.36 million USD and its subordinated convertible notes in the amount of CDN $2.45 million. The Company has received an Event of Default notice from one of the senior convertible note holders and the Company intends to enter into negotiations with all of its note holders to restructure the debt.
About Clearly Canadian
Based in Toronto, Clearly Canadian Brands markets premium alternative beverages, including Clearly Canadian® sparkling flavoured waters which are distributed in the United States, Canada and various other countries. Clearly Canadian’s acquisition of DMR Food Corporation and My Organic Baby Inc. marks the Company’s debut into organic and natural products with a full line of organic baby and toddler foods under the brand names My Organic Baby and My Organic Toddler and a wide range of dried fruit and nut snacks offerings from SunRidge Farms, Naturalife, Sweet Selections, Simply by Nature and Glengrove Organics brands. To find out more about Clearly Canadian Beverage Corp. (OTCBB: CCBEF - News), visit our website at www.clearly.ca.
Forward Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as “expects,” “intends,” “plans,” “may,” “could,” “should,” “anticipates,” “likely,” “believes,” “estimates,” “potential,” “predicts,” “continue” and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analysis and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including but not limited to, the belief in the opportunities which can exist for our products. These assumptions are subject to many risks, and actual results may differ materially from those currently anticipated. These risks include, by way of example and not in limitation, general economic conditions, changing beverage consumption trends of consumers, the Company’s ability to generate sufficient cash flows to support general operating activities and capital expansion plans, competition, pricing and availability of raw materials, the Company’s ability to maintain the current and future retail listings for its beverage products and to maintain favorable supply, production and distribution arrangements, laws and regulations and changes thereto that may affect the way the Company’s products are manufactured, distributed and sold and other factors beyond the reasonable control of the Company. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission and with the British Columbia and Ontario Securities Commissions.
Contact:
Clearly Canadian
Shareholder Relations:
Steve Cook, 800-983-0993
investor@clearly.ca
