Cyclopss and P&G Complete Equity Deal

CYCLOPSS Corp., Salt Lake City, UT, has completed the equity transaction with Procter & Gamble as announced last month. Under the terms of the agreement, P&G has converted one half of the principal loan amount of a debt financing that took place one year ago, and the interest accrued to date, into equity in Cyclopss.

The remaining balance due under the terms of the original financing has been extended to a due date of Feb. 28, 2002. P&G has also been granted the right, under the terms of the new loan agreement, to convert the remaining debt to equity as well.

CYCLOPSS develops environmentally friendly ozone technologies that are used in the cleaning and disinfection of foods, laundry and surfaces for industry, as well as consumers.