CTI INDUSTRIES CORPORATION (NASDAQ:CTIB) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03
On August 17, 2017, the Company executed a Warrant Conversion Note (“Note”) in favor of BMO Private Equity (U.S.) Inc. (“BMO Private Equity’) for $797,881 plus interest at 11.5% per annum. The Note represents payment due BMO Private Equity resulting from its exercise on August 10, 2017, of its put right on 144,121 common stock warrants issued to BMO Private Equity in July, 2012. The Note matures on January 18, 2018, or such earlier date the Company pays the balance owed to BMO Private Equity on the subordinated debt.
About CTI INDUSTRIES CORPORATION (NASDAQ:CTIB)
CTI Industries Corporation develops, produces and distributes various consumer products and sells these products throughout the United States and in over 35 other countries. The Company designs, manufactures and distributes film products. It is a developer of products, which employ flexible films, including balloons, pouches and rolls of film for vacuum sealing and storage of products in the home and films for commercial packaging applications. Its principal lines of products include Novelty Products, consisting of foil and latex balloons and other inflatable toy items, and also Candy Blossoms (small containers of arranged candy items, including a small inflated balloon); Vacuum Sealing Containers and Sealing Devices, which are for home and consumer use to vacuum seal, store and preserve food and personal items, and Flexible Films, for food and other commercial and packaging applications.
