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Exhibit 99.1
November 20, 2000
Mr. Xxxx Xxxxx
President
Food Technology Service, Inc.
000 Xxxxxxx Xxxx Xxxx
Xxxxxxxx, Xxxxxxx 00000
XXX
Dear Xx. Xxxxx:
RE: Extension of Waiver of Right of Conversion of Interest
Accruing January 1, 2001 to January 1, 2002
On March 6, 2000, Food Technology Service, Inc. ("FTSI") and MDS Nordion Inc.
("Nordion") entered into a Letter Agreement providing for simplification of
security interests. The parties by Letter Agreement dated May 18, 2000 amended
the Letter Agreement dated March 6, 2000 in order to confirm that the amount of
indebtedness to Nordion as adjusted at February 4, 2000 was in the amount of
$963,194 US (the "Debt") which included $22,114 US accrued interest that became
payable on February 4, 2000. The parties further agreed that no further
currency adjustments be effected to the Debt. The parties also agreed that the
Debt, interest accruing thereon and any future advances including payment of
guarantees or indemnities to third parties made by Nordion to FTSI's benefit
remain, at Nordion's option, convertible at any time into common shares of FTSI
based on the conversion rate of 70% of the closing price of FTSI's shares
listed on NASDAQ on the last trade date prior to the exercise of the conversion
right.
As provided in and confirmed by the Letter Agreements respectively dated April
17, 2000 and May 18, 2000 the right of conversion by Nordion of interest
accruing on the Debt from February 5, 2000 to January 1, 2001, into shares of
FTSI, was waived by Nordion. Nordion by execution of this Letter Agreement
agrees to extend such waiver for an additional year and therefor Nordion's
right of conversion of interest accruing on the Debt from January 1, 2001 to
January 1, 2002, into shares of FTSI, is hereby waived.
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If you concur with the foregoing, please sign in the space provided.
Sincerely,
MDS NORDION INC.
Per: /s/ Xxxxx Xxxxxxxx
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Xxxxx X. Xxxxxxxx,
Vice President, General Counsel & Corporate Secretary
We concur this 21 day of November, 2000.
Food Technology Service, Inc.
by: /s/ X.X. Xxxxx
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c. Xxxx Xxxxxxxx
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