Atlantis Systems Corp. Announces Board Approval of ComVest Refinancing of Atlantis Debt
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/17/11 -- Atlantis Systems Corp. (NEX: AIQ.H) (the "Company") today announced that the Board of Directors, on recommendation of its Independent Committee, has approved a proposed refinancing of its debt facilities provided by ComVest Capital LLC ("ComVest"), subject to approval by the NEX(the "Refinancing Transaction").
The Refinancing Transaction will allow the Company to complete its business plan for its training and job performance solutions division, Atlantis Systems Eduplus ("ASE"), based in Dartmouth, Nova Scotia.
ComVest has made a series of advances to the Company, beyond its over-advance facility, to permit the Company to meet its operational and working capital needs, due mostly to the rapid growth of the Company's training and job performance solutions division, ASE.
The Company received a proposal involving a recapitalization of the debt owing through the issuance of two fixed and non-revolving debt instruments and an extension of the balance of the term of the debt facilities.
The principal terms of the Refinancing Transaction include:
Both the term debt and Convertible Debenture will include the customary financial covenants, representation and warranties.
The Company intends to complete the refinancing with ComVest as soon as all applicable regulatory approvals have been obtained and definitive documentation finalized with ComVest. Subject to NEX approval, the Company anticipates being able to complete the Refinancing Transaction by August 31, 2011.
Forward-Looking Statements
Atlantis Systems Corp. assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or for any other reason. Additional information regarding risks and uncertainties that could affect Atlantis' business is contained in the Business Risk Factors section of Atlantis's Annual MD&A. which is available on SEDAR at .
Contacts:
Atlantis Systems Corp.
Ellie Landale
Corporate Secretary
(905) 792-1981
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Datum: 17.08.2011 - 14:00 Uhr
Sprache: Deutsch
News-ID 1031563
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