Roman Corporation Increases Holdings In SmartSales Through Debenture Conversion

Business Wire, Jan 16, 2001

Business Editors

TORONTO--(BUSINESS WIRE)--Jan. 16, 2001

Roman Corporation Limited (TSE:RMN) announced that it has acquired an additional 3,209,140 common shares of SmartSales Inc. (CDNX:SA) through the early conversion of a secured convertible debenture.

The Debenture was issued by SmartSales on January 15, 2000 and matures July 15, 2001. The face value of the Debenture held by Roman Corporation was $286,530 plus accrued interest of $34,383. After conversion of the Debenture, Roman will hold 6,785,706 shares of SmartSales out of approximately 22.3 million common shares issued and outstanding.

"Now that the commercial launch for OutSmart has been completed, our view is that we should exercise early conversion in order to maximize our opportunities for equity appreciation," said Helen Roman-Barber, Chairman and Chief Executive Officer of Roman Corporation. "The financing by way of secured convertible debentures reflects an earlier stage investment," she added.