Salbro Bottle Group (Salbro) is an established designer, manufacturer and distributor of packaging components, specializing in glass and plastic bottles.

Crosswinds’ Investment: Original $4,000,000 investment structured as debentures paying 12% per annum and nominal cost common share warrants exercisable into common shares of Salbro. In 2012, Salbro completed a refinancing resulting in a partial repayment to Crosswinds of principal outstanding of $1,700,000 plus all of the interest then owing under the Salbro Debentures. At that time, interest payments on the Debentures were modified to be paid in kind rather than current pay.

In December 2015, Salbro completed a debt repayment resulting in a repayment to Crosswinds of principal and interest outstanding under the Debentures in the aggregate amount of $1,800,000. As at December 31, 2015, the aggregate amount outstanding under the Debentures together with accrued interest was $1,624,096. In conjunction with the December 2015 repayment, the maturity dates for the Debentures were extended to December 2021 and the interest rate reduced to 6%, reverting back to 12% in certain circumstances. In addition, Crosswinds agreed to reduce the percentage of Warrants it held in Salbro. Crosswinds now holds Warrants exercisable, in accordance with their terms, into 7.5% (reduced from 18%) of the Salbro enterprise. These changes were designed to better incentivize and align the investee’s management.

Rationale: Growth capital investment in a company with a diversified customer base, an experienced management team, and a combination of complementary manufacturing and distribution businesses to reduce volatility and risk.

Investment Risks Include: Long-term economic slowdown, use of leverage, commodity prices, customer concentration and management execution.

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