Commercial Solutions redeems preferreds, repays debenture

By Sheri Kasprzak

Atlanta, May 27 - Commercial Solutions Inc. said it has redeemed its outstanding preferred stock from FCC Ventures and has repaid an outstanding debenture held by FCC.

FCC, according to a statement from Commercial Solutions, had requested an exit from its investment because of Commercial's "continued expansion into the oil and gas sector" from the industrial distribution sector.

The company paid C$1 million to redeem 450,000 preferred shares from FCC. FCC converted 50,000 of the preferreds it held into 50,000 common shares.

Commercial Solutions also retired at face value a 12% subordinated debenture for C$1 million, along with 700,000 warrants with an exercise price of C$2.00 each, expiring Oct. 1, 2007.

Connected to the retirement of the debt and the redemption of the preferreds, Greg Florence, director of investments for FCC, resigned from Commercial's board of directors.

Based in Edmonton, Commercial is an industrial distribution company serving maintenance, repair and overhaul operations and original equipment manufacturer clients.

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