Trans-Industries, Inc. Completes Private Sale of Convertible Preferred Stock; Announces Board and Management Additions
March 04 2004 - 5:34PM
PR Newswire (US)
Trans-Industries, Inc. Completes Private Sale of Convertible
Preferred Stock; Announces Board and Management Additions ROCHESTER
HILLS, Mich., March 4 /PRNewswire-FirstCall/ -- Trans-Industries,
Inc. , a leading manufacturer of vehicle lighting systems and
digital information display products, today announced the placement
of $1.5 million of Series B Convertible Preferred Stock and
Warrants. The Company also announced additions to its board of
directors and management team. The Preferred Stock has a cumulative
dividend rate of 5% and is convertible into 581,397 shares of
Common Stock. Five-year Warrants to purchase 145,349 Common Shares
at $3.00 per share were issued in conjunction with the Preferred.
Purchases of these securities were made by the Harry E. Figgie Jr.
Trust. Proceeds from this sale will be used for working capital,
financing expenses and the reduction of certain term debt held by
the Company's present lender. Such lender has agreed to extend its
forbearance agreement until January 1, 2005 while the Company
continues to seek financing to replace the working capital line and
term debt held by the lender. Concurrent with this transaction, the
Company's board of directors was expanded from three to six
directors with the new members consisting of Harry E. Figgie Jr.,
Richard A. Solon, and James O'Brien. Mr. Figgie presently serves as
Chairman of Clark Reliance, a manufacturer of gauges and valves
used principally by the power and petroleum industries. Mr. Solon
was, until recently, the President of Orion Bus Industries, a
manufacturer of transit buses; and Mr. O'Brien is the President of
Catapult Advisors, LLC. In addition to his election as a director,
Mr. Solon was appointed President of Trans-Industries, replacing
Dale S. Coenen as President and Chief Operating Officer, while Mr.
Coenen remains as Chairman and Chief Executive Officer. Apart from
his experience in the bus industry, Mr. Solon brings over 25 years
of manufacturing and general management experience in fields
ranging from sporting goods, to construction equipment, to
breathing equipment used by fire department and aviation personnel.
About the Company The Company is a leading provider of lighting
systems and related components to the mass transit market as well
as a supplier of information hardware and software solutions on
Intelligent Transportation Systems (ITS) and mass transit projects.
ITS utilizes integrated networks of electronic sensors, signs and
software to monitor road conditions,communicate information to
drivers and help transportation authorities better manage traffic
flow across their existing infrastructures. Visit Trans-Industries
at http://www.transindustries.com/ . Website:
http://www.transindustries.com DATASOURCE: Trans-Industries, Inc.
CONTACT: Kai Kosanke, Chief Financial Officer of Trans-Industries,
+1-248-852-1990
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