MONTREAL, QUEBEC – THIS NEWS RELEASE MUST BE ONLY DISTRIBUTED IN CANADA. IT MUST NOT BE DISSEMINATED IN THE UNITED STATES OR AT US TRANSMISSION AGENCIES.
Alphinat Inc. (“Alphinat”) (TSX VENTURE: NPA) is pleased to announce that the holders of Class A and Class B Debentures issued in 2013 and 2014 have agreed to extend the September 17 2017. The Debentures will continue to bear interest at a rate of 10% per annum and will be repaid over a period of four years, ie 20% by September 30, 2017, 30% no later than September 30, 2018, 20 % On or before September 30, 2019 and the balance on or before September 30, 2020. As at February 28, 2017, the aggregate balance of the debentures was $ 1,059,072, of which $ 587,858 was due Insiders and $ 471,214 to non-insiders.
The Executive Vice President, Chief Operating Officer and Chief Financial Officer, Curtis Page commented, “We are very pleased with the confidence that the debenture holders have in extending the maturity of the debentures. Alphinat’s positive financial position allows the holders of Debentures to make this election and accept this new timetable. This is very positive for the company and will allow it to avoid seeing its title undergo a dilution. “
The impact of this extension on the Company’s financial statements will be to recognize 80% of this debenture as a long-term liability, whereas in the interim financial statements as at February 28, 2017, all of this amount was recorded as a liability to short term.
Alphinat is the publisher of SmartGuide�, a next-generation tool for the rapid development and deployment of web and mobile applications, enabling organizations to maximize the value of their internal systems. Applications designed with SmartGuide� enable organizations and governments to better serve their customers at lower cost and in a very short time.
The Public, Healthcare, Banking and Insurance and Telecommunications and other sectors can benefit from SmartGuide� technology to modernize, automate and profit from a multitude of business processes by saving considerably compared to traditional customized solutions encoded.
Source: Alphinat Inc.