Delicious Alternative Desserts Ltd. (“DAD”), a licensed manufacturer, distributor and marketer of premium and super premium ice cream and frozen dessert products, announced today that on Friday, November 17, 2000 it arranged to place privately a 10% secured subordinated debenture with a sophisticated investor in Ontario. The debenture will have a three-year term and will mature on November 10, 2003. It carries with it warrants to purchase 2.2 million shares with an exercise price of $0.15 per share to November 10, 2001, $0.20 per share to November 10, 2002 and $0.25 thereafter until November 1, 2003.
“As a result of the continuing retail success of our licensed products, our Licensors have approved an expansion of their flavour offerings for the 2001 ice cream season,” said Ian Kennedy, Chief Operating Officer, Delicious Alternative Desserts Ltd. “In addition to this expansion of our existing licensed product lines, we will be adding some completely new licensed and co-packed product lines for next year. The proceeds of this debenture will be used both for working capital purposes and for the various plant changes needed to produce the new flavours and new products.”
ABOUT DELICIOUS ALTERNATIVE DESSERTS (DAD)
Delicious Alternative Desserts Ltd. is a licensed manufacturer, distributor and marketer of distinctive high-profile brands of premium and super premium ice cream and frozen dessert products for the Canadian market. The DAD product line currently includes such internationally famous brands as Ben and Jerry’s(TM), Cadbury’s(TM) and Stoney Creek Dairy(TM) ice creams and Trebor Allen(TM) frozen novelty products. DAD shares are traded on the Canadian Venture Exchange under the symbol DD.