Futura Completes Loan Amendment and Raises $550,000
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/14/12 -- The Futura Loyalty Group Inc. (TSX VENTURE: FUT) (the "Company") today announced that it completed an amendment to its existing loan entered into on April 20, 2009 (the "Loan") as described in press releases dated April 21, 2009 and July 15, 2011. The Company raised an additional $550,000 by way of a discounted loan resulting in the amount of $687,500 (the "Additional Principal") being added to the original principal of the Loan. The original principal of the Loan bears interest at a rate of 15% per annum with interest accruing until the maturity date. Interest on the Additional Principal will accrue at a rate of 15% until March 31, 2013 and thereafter, interest will be payable on the Additional Principal on a quarterly basis. The Company has also secured a further extension of the Loan until August 31, 2014. These proceeds will be used for working capital to fund Futura business expansion initiatives in Canada and the United States.
About The Futura Loyalty Group
The Futura Loyalty Group is an industry-leading provider of integrated and stand-alone loyalty solutions for Canadian and American businesses. The company offers a suite of loyalty products and services including access to two existing branded loyalty currencies in Canada and three in the United States. Futura also develops custom programs for companies wishing to develop proprietary loyalty solutions. Futura's loyalty services include member account set up, management and reward redemption platform, a web-based program transaction reporting interface for merchants, a robust offer management system, retail POS Integration for card swipe issuance and a proprietary web based reward issuance solution. For more information regarding The Futura Loyalty Group, visit .
Forward-Looking Information
This news release includes certain forward-looking information that is based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking information, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "will", "may", "should", "could", and similar expressions to the extent they relate to the Company or its management. The forward looking information is not historical facts, but reflects the Company's current expectations regarding future results or events. Forward-looking information is subject to a number of risks, uncertainties and assumptions that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in general economic and market conditions; changes to regulations affecting the Company's activities; level of merchant participation in the Company's programs; uncertainties relating to the availability and costs of financing needed in the future; and other factors, including without limitation, those listed under "Economic Dependence" and "Risks and Uncertainties" in MD&A for the three and nine month periods ended September 30, 2011.
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:
The Futura Loyalty Group Inc.
Mark Farrell
President & CEO
416-775-3160
The Futura Loyalty Group Inc.
David Campbell
Chief Financial Officer
416-775-3161
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Datum: 14.03.2012 - 09:04 Uhr
Sprache: Deutsch
News-ID 1092811
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Kategorie:
Retail Banking
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