(January 31 – 10:40 ET) – Rice Capital Management Plus Inc. says it has drawn down the second $1 million block of the $2 million subordinated debt financing provided by Ensis Growth Fund Inc. It also issued 310,000 detachable warrants to ENSIS which can be exercised at the option of ENSIS at any time after two years of issuance.

The financing drawn down was $1 million of a 9% subordinate debenture maturing April 25, 2005. The 310,000 detachable warrants to acquire common shares of Rice are exercisable at 90¢ per share for the period ended April 23, 2002, $1 for the period ended April 23, 2003, $1.25 for the period ended April 23, 2004 and $1.50 for the period ended April 23, 2005.

Tom Rice, chairman and CEO said, “The integration of the significant acquisitions made in the year 2000 are virtually complete, including the combining of all administration and payroll functions. We believe that the full positive impact of these acquisitions will be felt this year. A portion of the $1 million funded the consolidation and integration costs of the acquisitions made in the year 2000. The balance was added to working capital for future acquisitions and the related integration costs.”

Rice also announced that it has issued 73,540 common shares from Treasury for its Employee Share Purchase Plan.
-IE Staff