North American Technologies to convert 7% debentures

By Sheri Kasprzak

New York, March 8 - North American Technologies Group, Inc. said it will convert its outstanding 7% subordinated convertible debentures due July 1, 2008.

In exchange for agreeing to convert their debentures, North American has agreed to pay the holders interest that the debentures would have accrued if they had been held until maturity.

The interest will be paid in shares based on the lesser of the conversion price or the 20-day volume weighted average price of the stock prior to the conversion date.

The conversion price is $0.1985 for $5 million in principal of the debentures, and it is $0.15 for $6.5 million in principal of the debentures.

Based in Houston, North American makes railroad crossties produced from mostly recycled materials.

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