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SUREFIRE RESOURCES NL Capital/Financing Update 2002
65857_rns_2002-11-11_0aa27fc3-153d-4e5b-ad57-1f4d644f0610.pdf
Capital/Financing Update
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ACN 083 274 024
GENESIS BIOMEDICAL Е
5th Floor, 52 Phillip St, SYDNEY 2000 Telephone 61-2-9252 7380 Facsimile 61-2-9252 8466 E-mail: [email protected]
FACSIMILE TRANSMISSION
The Listing Manager TO: FAX No.: 1300 300 021 Wayne Kernaghan FROM: SUBJECT: Settlement of Sale 12 November 2002 DATE: No. PAGES: 2
Please find attached an announcement for release to the market.
CONFIDENTIALITY
The information contained in this facsimile message may be confidential information. If you are not the intended recipient, any use, disclosure or copying of this message is unauthorised. If you received this message in error, please destroy it immediately and notify us on the contact numbers on this letterhead.
GENESIS BIOMEDICAL LTD
TRANSOCEAN SEC LTD.61
12 November 2002
10:08
The Listing Manager Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000
Dear Sir
: NOV 2002
Settlement of Sale of Bodyworks Inc
92528466
The Directors wish to announce the settlement of the sale of the Company's 80% shareholding in Bodyworks Inc which was approved by shareholders at a general meeting of the company held on 16 October 2002.
The funds received from the sale of Bodyworks Inc have been used to retire all debt including the repayment of the convertible notes which were due to be repaid on 31 December 2002. After the repayment of all liabilities, the Company will retain approximately $1.6 million in cash together with the ability to receive upside payments to a maximum of $6.6 million which are dependant on Bodyworks Inc achieving agreed EBITDA targets for the 24-month period ending 31 July 2004.
Genesis will keep the market informed as to the progress of Bodyworks achieving the agreed EBITDA targets.
Yours faithfully Genesis Biomedical Limited
Michael Musso Company Secretary