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WestBond Negotiates Improved Term Loan Financing
August 5th 2003
WestBond Enterprises Corporation ("WestBond") is pleased to announce that it has negotiated significant improvements to its term-loans. WestBond's principal banker, the Bank of Nova Scotia, has agreed to lend an additional $350,000 to WestBond, repayable over 5 years together with interest at the bank's prime lending rate plus 1.5% per annum.

The loan proceeds will be used to repay the $245,000 term loan from the Business Development Bank of Canada, which currently bears an interest rate equivalent to prime plus 2.25% per annum and is repayable over 4 years. The balance of the proceeds will be used to finish the capital expansion program that was commenced last year. In addition to the higher principal, the lower interest rate and the extended term, the Bank of Nova Scotia has agreed to release the personal guarantees provided by two officers of WestBond with respect to all of the bank's loans to WestBond.

The capital expansion program is expected to be completed by September 2003 and should increase annual capacity to over 600,000 cases of product. By comparison, production during 2003 was 128,000 cases. Sales, which are currently almost $400,000 per month, should increase to over $500,000 per month once the capital expansion is complete.

WestBond is located in Delta, British Columbia and is a leading converter of disposable paper products used for personal hygiene in medical and industrial markets.

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