USA: Ridgeview Announces Change in Transaction With Gibor
When Gibor and Ridgeview signed a letter of intent in April regarding a proposed acquisition of all of Ridgeview's outstanding common stock, Gibor and the Company also agreed that Gibor would make an unsecured, subordinated loan in the amount of $1,000,000 to the Company to provide the Company with additional working capital. Gibor and the Company further agreed that if the acquisition did not close within 90 days from the date the loan was made, Gibor would have the right to convert the amount of its loan into 1,500,000 shares of Ridgeview's Common Stock. Gibor made this subordinated loan to Ridgeview on April 24, 2000. On May 25, 2000, Gibor filed a statement on Schedule 13D with the United States Securities and Exchange Commission indicating that it may be deemed to be the beneficial owner of 1,500,000 shares of Ridgeview's common stock, which upon conversion would represent approximately 33.3% of Ridgeview's then outstanding common stock.
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