ALBUQUERQUE, N.M., Sept. 26, 2008 (GLOBE NEWSWIRE) -- AccessKey IP, Inc. (Pink Sheets:AKYI) announced today that the Company has finalized the restructuring of its long term debentures in an effort to prepare AccessKey for the future growth of its businesses and the listing of the company on the OTC/BB.
AccessKey IP's Chairman, CEO, George Stevens, stated, "We have reviewed the outstanding liabilities of AccessKey and have successfully restructured the remaining Company debts and debentures. Under the new agreements, the maturity dates have all been extended to September 2010 which will give the company an extended period or additional period to execute its business plans for both TeknoCreations and AccessKey without the immediate burden of repaying prior debt." Stevens continued, "The prior commitments were onerous with floorless conversion rights and were convertible by the note holder. Under the new agreements, which could be considered 'non-floorless', any conversion rights are at the sole option of the company." The Holders shall not be entitled to shares, and the Company shall not issue shares, if, and to the extent that, such Payment would result in beneficial ownership by the Holder and its affiliates of more than 9.99% of the outstanding shares of common stock of the Company on such exercise or Payment date, including the number of shares of common stock beneficially owned by the Holder and its affiliates in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 hereunder.
In conclusion, Stevens commented, "This is a significant step in the evolution of our company and allows us needed flexibility with the strategy being the ability to repay these notes from profitability generated from revenues. The company is grateful to its note holders for engaging in negotiations to make this dramatic change. Obviously, they recognize the strides the company has made within the last year and a half and have also recognized the product valuations and contract assets."
About AccessKey IP, Inc.
AccessKey IP, Inc. is a developer of cutting-edge technologies and best-of-breed products tailored to address the market opportunities created by the explosive growth of digital communications, entertainment-related services and specific consumer electronics platforms. AccessKey IP's AccessKey(tm) products, powered by the Company's patented technology, provide complete access to the coveted "Triple Play" Set Top Box (voice, video and data) and "Quadruple Play" Set Top Box (voice, video, data and wireless) offerings of cable, telecom, satellite and broadband service providers. The Company's AccessKey Home(tm) and portable flash drive-sized AccessKey PC(tm) allow subscribers to "channel surf" streaming "HD Quality" television content (IPtv), navigate the internet, watch Video on Demand (VOD) offerings, play video or internet-based games, listen to music, make phone calls (VoIP), video conference, run a full array of computing applications, securely store data and more, all from a single device and service provider network. Its wholly owned subsidiary TeknoCreations was founded to participate in the explosive growth of Consumer Electronics and Business security needs. TeknoCreations designs high quality products with attractive pricing to enhance the consumer's favorite electronics products and the expanding security needs of corporate America.
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Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of AccessKey IP, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.