Advantex Announces Extension of Debenture and Warrants
September 16 2013 - 5:47PM
Marketwired Canada
Advantex Marketing International Inc. (CNSX:ADX) ("Advantex") announced today
that it has received approval from the requisite holders of its secured
non-convertible debenture issued in May 2011 by Advantex and its secured
non-convertible debenture issued in May 2011 by Advantex Dining Corporation (the
Debentures), to extend the maturity date of the Debentures to October 31, 2013
from September 30, 2013. Interest from September 30, 2013 to October 31, 2013
will continue to accrue and be paid at the interest rate provided in the
applicable Debenture.
Advantex also announced the extension of the maturity date of the warrants (the
"Warrants") issued concurrently with the Debentures. The maturity date was
extended from September 30, 2013 to October 31, 2013. All other terms and
conditions of the Warrants remain unchanged and in full force and effect. Each
Warrant continues to entitle the holder thereof to acquire one common share of
Advantex at a price of $0.04. As the extensions may constitutes a related party
transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions ("MI 61-101") Advantex has relied on
the financial hardship exemption from the formal valuation and minority approval
requirements of such instrument. As the extension will extend the repayment of
the Debentures, the board of directors of Advantex unanimously determined that
the extension will improve the financial position of Advantex and that the terms
of the extension are reasonable in the circumstances.
About Advantex Marketing International Inc.
Advantex is a specialist in the marketing services industry. Advantex partners
with CIBC, and Aeroplan. On a combined basis, Advantex has contractual marketing
access to more than five million Canadian consumers with above-average personal
and household income. Advantex's merchant partner base currently consists of
about 2,000 merchants operating restaurants; golf courses; independent inns,
resorts and selected hotels; spas; retailers of men's and ladies fashion,
footwear and accessories; retailers of sporting goods; florists and garden
centres; book and newspaper stores; health and beauty centres; dry cleaners;
gift stores; home decor; automotive dealers, service centers; and tire
dealerships; many of which are leaders in their respective categories.
Advantex is traded on the Canadian National Stock Exchange under the symbol
"ADX". For additional information on Advantex, please visit www.advantex.com.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of
applicable securities laws relating to the future business and operations of
Advantex, including relating to the repayment of, and the payment of interest
on, the Debentures. Readers are cautioned not to place undue reliance on
forward-looking statements. Actual results and developments may differ
materially from those contemplated by these statements. The business and
operations of Advantex described herein is dependent on a number of factors and
is subject to a number of risks and uncertainties. Factors that could cause
actual results to differ materially include, but are not limited to, changes in
Advantex's business including its on-going business and contractual
relationships as well as general business, economic and competitive conditions
relating to the industry sectors in which Advantex operates.
The statements in this news release are made as of the date of this release.
Forward-looking statements are made based on management's beliefs, estimates and
opinions on the date the statements are made and Advantex undertakes no
obligation to update forward-looking statements if these beliefs, estimates and
opinions or other circumstances should change, except as required by applicable
law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Advantex Marketing International Inc.
Mukesh Sabharwal
Vice-President and Chief Financial Officer
905-470-9558 ext. 249
Mukesh.sabharwal@advantex.com
www.advantex.com
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