Atlantis Systems Corp. Announces Changes to the Terms of Its Proposed Refinancing Transaction
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/08/11 -- Atlantis Systems Corp. (NEX: AIQ.H) (the "Company") today announced changes to the terms of the proposed refinancing of its debt facilities provided by ComVest Capital, LLC ("ComVest"), which was previously announced on August 17, 2011, and its intention to close the transaction on November 9, 2011, subject to approval by the NEX.
ComVest has previously 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, Atlantis Systems Eduplus ("ASE"), based in Dartmouth, Nova Scotia.
The purpose of the Refinancing Transaction is to consolidate all of the outstanding notes issued by the Company in favor of ComVest into the New Notes (as defined below), which is expected to result in a net saving of interest payable by the Company. It is anticipated that this will have a positive effect on the Company's finances and should allow the Company to continue to develop the business plan for both Atlantis Systems International, based in Brampton, Ontario, and ASE.
The revised principal terms of the Refinancing Transaction include:
The New Notes will include the customary financial covenants, representations and warranties.
The Refinancing Transaction has been approved by the Company's board of directors, on recommendation of its independent committee, and the Refinancing Transaction has also been conditionally approved by the NEX. The Company intends to complete the Refinancing Transaction with ComVest on or about November 9, 2011, provided that all applicable regulatory approvals have been obtained and definitive documentation has been finalized with ComVest. Completion of the Refinancing Transaction remains subject to final NEX approval.
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: 08.11.2011 - 14:07 Uhr
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News-ID 1054844
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