Mr. Allen Lone reports
AUGUSTA PROVIDES CORPORATE UPDATE
Augusta Industries Inc.'s efforts to reduce expenses and debt have resulted in the reduction of an aggregate of $845,355 in liabilities.
The corporation converted an aggregate of $530,355 of debentures into an aggregate of 10,607,100 common shares at a conversion price of five cents per share. After the conversion of the debentures, there is an aggregate of $35,254 in debentures outstanding. In addition, the corporation was also able to pay down an aggregate of $315,000 on its bank-issued line of credit.
"We are pleased with the recent reduction of the corporation's debt," said Allen Lone, the president and chief executive officer of the corporation. "The reduction of $845,355 in liabilities has enabled the corporation to strengthen its balance sheet and position it to be able to capitalize on various opportunities that may present themselves in these economic times."
We seek Safe Harbor.
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