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ICPbio Has Further $2.152 Million Debt Reduction

ICPbio Has Further $2.152 Million Debt Reduction

Statement made by Dr Earl Stevens, Managing Director, ICP Biotechnology Limited

ICP Biotechnology is pleased to announce that it has placed a Convertible Note (equity) with DEC International (NZ) Limited for $1.5 million.

Under the terms of this Convertible Note DEC will have the right to convert to ordinary shares of ICP Biotechnology Limited post 31 December 2006 and the final date for conversion is the 31st July 2008.

In addition, DEC has subscribed for 2,608,000 ordinary ICP shares, paying $652,000 which equates to a share price of 25 cents per share.

These transactions reduce the original debt to DEC from $2.752 million to $600,000, repayable July 2007 although they have the option to convert this to ordinary ICP shares post 31 December 2006, should they choose to.

At the Special Meeting held 5th May 2006, the shareholders approved the issue of Preference Shares for $4.5 million in replacement of a term loan, as set out in the notice of meeting.

This overall conversion of debt to equity has now reduced ICPbio’s term debt by over $6.6 million and strengthened its balance sheet considerably. The overall term debt for the company is now approximately half of what it was at the beginning of May.

This comes on top of the just announced NZ$18,175,540 disposal of the old APH Group ‘The Escarpments’ project which will settle on or before the 23 June 2006.

ICPbio is one of New Zealand's longest established biotechnology companies. It manufactures and markets products for use in animal reproduction, animal health care and the fine biochemicals field. ICPbio's vision is set on becoming a leading global manufacturer of quality biological products for the biotechnology, animal and human pharmaceutical industries. Nearly 100% of its products are exported, primarily to North America and Europe, with increasing amounts to Asia and South America.


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