BPI Packaging Technologies Inc. announces completion of Class A warrant exercises

Business Wire, Nov 1, 1994

N. DIGHTON, Mass.--(BUSINESS WIRE)--Nov. 1, 1994--BPI Packaging Technologies Inc. (NASDAQ/NMS:BPIE -- common stock; BPIEZ -- B-Warrants) (NASDAQ:BPIEP -- preferred stock) (BPI) Tuesday announced the completion of its Class A Redeemable Common Stock Purchase Warrant ("Class A Warrants") exercises.

A total of 1,005,435 Class A Warrants were exercised for aggregate gross proceeds of $4,021,740. BPI will not pay a warrant solicitation fee in connection with the Class A warrant exercises. BPI intends to use the proceeds from the exercises of the Class A Warrants primarily for working capital purposes.

Of the 1,005,435 Class A Warrants exercised, 272,100 were exercised pursuant to the 50 percent option granted by BPI. BPI has accepted all of the exercises of its Class A Warrants pursuant to the 50 percent option.

Pursuant to the 50 percent option, Class A Warrantholders could elect to exercise 50 percent of the Class A Warrants held by them at a price of $4 per share on or before 5 p.m. (EST) on Oct. 28, 1994, and be entitled to exercise the remaining 50 percent for a period through March 31, 1995, at the original exercise price of $5.

As a result, BPI will issue an aggregate of approximately 272,100 Class A Warrants.

The new NASDAQ/NMS trading symbol for the Class A Warrants issued pursuant to the 50 percent option is "BPIEL" and the new CUSIP number is "05562T 15 4." American Stock Transfer & Trust Co., the warrant agent, expects to issue the new Class A Warrant certificates on or about Nov. 3, 1994.

BPI Packaging Technologies is a leading manufacturer of recycled, source-reduction and traditional plastic grocery T-shirt shopping bags, referred to as T-shirt sacks and proprietary plastic film products. -0-

NOTE: This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state in which offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

CONTACT: BPI Packaging Technologies Inc., No. Dighton

              Dennis N. Caulfield, 508/824-8636
               or
              Kehoe, White, Savage & Co., Los Angeles
              James K. White, 310/437-0655