TOMRA and Wise Metals Group (WMG) have signed an agreement which ensures further cooperation between the companies
Additionally, TOMRA and WMG have signed an agreement where TOMRA exchanges receivables in WMG and Wise Recycling LLC for convertible preferred stock in WMG. This stock can be converted to an approximate 30% ownership interest in WMG. During a two-year period, WMG has an option to buy-back the stock at face value.
TOMRA and WMG are continuing the process of selling WR, and discussions with a couple of potential buyers are progressing.
These agreements currently do not entail any posting of income relative to the write-offs which were taken in TOMRAs Year-End Financials 2000, but will however, improve the terms relating to the sale of aluminum collected from the companys operations in California.
Asker, 30 April 2001 <br>TOMRA SYSTEMS ASA <br> <br> <br>Erik Thorsen <br>President & CEO <br>