EPOD intends to raise $1 million in convertible debt offering

By Sheri Kasprzak

New York, Nov. 28 - EPOD International Inc. said it plans to raise $1 million in a private placement of convertibles.

The debt is convertible into common shares at $1.40 each for two years.

The investors will receive warrants exercisable at $2.00 each for two years.

Managers, directors and shareholders of the company have agreed to buy half of the offering, and the rest will come from outsiders of the company.

The remaining terms of the offering could not be determined Monday.

Proceeds will be used for working capital, expansion and capital projects.

Based in Reno, Nev., EPOD develops electric battery technologies.

On Monday, the company's stock slipped 2 cents to close at $0.95.

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