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Inforetech Wireless Retires C$2.4 Million In Debt

By | August 1, 2003

      Inforetech Wireless Technology [OTC BB: WYRE.OB], a Vancouver, Canada-based supplier of GPS technology for the golf industry, announced that it has retired C$2.4 million (US$1.7 million) in outstanding debt obligations. Two of three creditor groups opted for conversion of their entire positions to common stock, converting C$1.69 million (US$1.2 million) to common shares with the third converting 75 percent of its C$1million (US$720,000) investment, leaving C$250,000 (US$179,000) in debt outstanding. The reduction follows on the heels of C$1.25 million (US$900,000) in retired debt negotiated earlier this month.

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