CAMARILLO, Calif., Sept. 22, 2000 (PRIMEZONE) -- BioSource International, Inc. (Nasdaq:BIOI) today announced the automatic conversion of its Series B Preferred Stock owned by Genstar Capital, LLC. to common stock. Based on the terms of the agreement with Genstar Capital L.L.P., the preferred stock automatically converted to common stock as the last reported sales price of the Company's common stock has been above $20 per share for 20 consecutive trading days on the Nasdaq National Market.
Genstar originally acquired 371,300 shares of Series B Preferred Stock on February 15, 2000. Pursuant to the terms of the Series B Preferred Stock, an additional 17,843 shares of Series B Preferred Stock have been issued through September 21, 2000 in the form of a dividend for accrued interest on the Series B Preferred Shares. The aggregate 389,143 shares of Series B Preferred Stock converted at a ratio of 4 common shares for every share of Series B Preferred Stock, or a total of 1,556,572 shares of common stock.
As a result of this conversion, the Company will be accelerating the remaining portion of the discount associated with the accretion of the preferred stock up to it's original value and will record a non-cash dividend of $2.7 million in the third quarter of 2000.
BioSource International, Inc. is engaged in the development, manufacture, marketing and distribution of immunological reagents, test kits and oligonucleotides used in biomedical research. The types of products supplied by the Company include a range of bioactive proteins, antibodies, human and murine cytokines, growth factors and a variety of assay systems for the detection of biological molecules. These products focus on areas of research such as immunology, cancer and neurological disease. The Company focuses its sales efforts on academic, industrial, and governmental laboratories.
This news release contains forward-looking statements, including those relating to the ability of BioSource International, Inc. to consummate acquisitions in the future and growth opportunities in the its industry. These statements are based on the current plans and expectations of BioSource International, Inc. and involve risks and uncertainties that could cause actual events to vary significantly from those included or contemplated by such statements, including risks described from time to time in reports filed by BioSource International, Inc. with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 10-K/A.