Epic Data International Announces $2 Million Loan Financing
03 Février 2011 - 11:00PM
Marketwired
Epic Data International Inc. (TSX VENTURE: EKD), a provider of
manufacturing operations management solutions, today announced that
it has entered into a C$2 million loan transaction with
North-America Vanstar Investments Ltd. (the "Lender"). The proceeds
of the loan will be used to support the Company's sales and
marketing operations, and development of research and development
facilities in China.
The principal amount of the loan is repayable in five years and
will bear interest at the rate of 5% per annum, compounded daily
and payable semi-annually. In connection with this loan, and
subject to the approval of the TSX Venture Exchange (the
"Exchange"), the Company intends to grant security for the loan and
issue warrants (the "Warrants") that will entitle the Lender to
purchase, until the earlier of five years following the closing
date of the transaction or repayment of the loan in full, up to an
aggregate of 500,000 common shares of the Company. The exercise
price of the Warrants will be equal to the last closing price of
the Company's common shares traded on the Exchange prior to the
execution date of the loan agreement. The granting of security is
subject to the approval by the Exchange and the Company's
shareholders, as the Lender is a related party of the Company due
to its share ownership in the Company and the recent appointment of
its president to the Company's Board of Directors.
The Company will issue a news release to provide further updates
to its shareholders upon the closing of the loan transaction.
About Epic Data International Inc.
Epic Data International Inc. is a Canadian-based provider of
manufacturing operations management, real-time manufacturing
operations management and warehouse management solutions. For over
35 years Epic Data has delivered real-time data collection and
production information to the world's most progressive discrete
manufacturers through turnkey data collection, warehouse management
and lean manufacturing operations management solutions. Defense
contractors, aerospace, automotive, high technology and industrial
equipment & machinery manufacturers, employ Epic Data solutions
to optimize the ROI of their manufacturing IT infrastructure
investments and operations by increasing plant productivity,
materials visibility and production velocity. Customers include
Lockheed Martin, Bell Helicopter, Komatsu, Bombardier Learjet, CAE
Inc., Kingfisher (B&Q) plc, Joy Mining Machinery, Cobham
Defence Communications Ltd., GE Aircraft Engine, Contour Premium
Aircraft Seating, McBride plc, Phoenix Contact, Rolls-Royce and
Volvo.
For more information about Epic Data please visit our website at
www.epicdata.com.
Caution Regarding Forward-looking Statements
Certain information in this news release may contain
forward-looking statements that involve risks and uncertainties.
Such forward-looking statements, including but not limited to those
with respect to future business in China that may be developed
through the expenditure of the loan proceeds, relate to
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. This
information is based on current expectations that are subject to
significant risks and uncertainties that are difficult to predict.
Actual results might differ materially from results suggested in
any forward-looking statements. The Company assumes no obligation
to update the forward-looking statements, or to update the reasons
why actual results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to the Company. Additional information identifying risks
and uncertainties is contained in the Company's filings with the
Canadian securities regulators, which filings are available at
www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Epic Data International Inc. Robert Nygren President
& CEO 604-273-9146 www.epicdata.com
Epic Data International Inc. (TSXV:EKD)
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