MONTREAL, QUEBEC--(Marketwired - May 12, 2017) -
THIS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Alphinat Inc. ("Alphinat") (TSX VENTURE:NPA), a leader in productivity software and innovative "Software for the Smart Enterprise™", is pleased to announce that the Debenture holders of the Class A and Class B Debentures issued in 2013 and 2014 have agreed to an extension of the September 17, 2017 maturity date of the Debentures. The Debentures continue to bear interest at 10% annually and shall now be reimbursed over a period of four years, being 20% no later than September 30, 2017, 30% no later than September 30, 2018, 20% no later than September 30, 2019 and the balance no later than September 30, 2020. As at February 28, 2017 there was an aggregate of $1,059,072 outstanding under the Debentures, of which $587,858 was due to insiders and $471,214 was due to non-insiders.
The EVP Chief Operating Officer and Chief Financial Officer, Curtis Page, stated: "We are very pleased with the confidence shown by the Debenture holders in extending the maturity date. The continually improving financial situation of the Corporation has allowed the Debenture holders to consider and to agree to this rescheduling. This is a very positive development for the Corporation and will allow it to avoid diluting share value."
As a result of this extension, 80% of the outstanding amount will be recognized as long term liability whereas 100% was recognized as short term equity in the interim financial statements dated February 28, 2017.
About Alphinat
Alphinat is the creator of SmartGuide®, a next generation application development and deployment productivity toolset providing agility to leverage existing IT assets and lower costs for a one-stop delivery tool of Web and mobile enterprise applications from any back-end system.
Alphinat has been appointed by technology company peers to associate member at the Smart Cities Council (www.smartcitiescouncil.com).
Alphinat technology is also used in the healthcare, banking, insurance, telecommunications and other sectors, in modernising, automating and rendering cost-effective various business processes at a fraction of the cost associated with conventional customized solutions. For more details about Alphinat or its software suite, please visit www.alphinat.com.
Forward-looking statements
Certain statements in this document, including those which express management's expectations or estimations with regards to the Company's future performance, constitute "forward-looking statements" as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that 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 in these forward-looking statements. A number of factors could cause significant differences between actual results and those described in forward-looking statements. These include, but are not limited to, the Company's capacity to increase acceptance of its products on the market, and to penetrate new markets; the potential existence of defects or undetected problems in the Company's products; the Company's ability to manage its growth; the Company's ability to compete with others; potential commitments; maintaining the Company's intellectual property rights and defending against litigation putting those rights in question; the Company's reliance on the knowledge of its key personnel; and the Company's access to sufficient capital to finance its future needs. This is a partial and non-exhaustive list of factors that could bear on any of our forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to Alphinat or to any individual expressing them in the name of the Company. The Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances. Risks and uncertainties that bear on the Company are described in greater detail in the Company's Annual Report.
Neither 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.
Contact Information:
Chief Executive Officer
Alphinat Inc.
(514) 398-9799 ext 222