Thanks for the excellent instructions. I managed to use both the script as well as bgmysword on the Mac. Both worked very well.
Finally got the EXB into mysword format. The only problem is that there are a total of 47660 verses, instead of the standard 31102 verses.
The script is somehow breaking up the verses at the wrong point. I've opened the file in SQLite Manager and compared it with a KJV bible and found this to be true.