Redishred Capital Corp. (“Redishred”) Announces Extension of Line Of Credit and Lawsuit Update
September 06 2013 - 8:53AM
Access Wire
Three-Year Line of Credit
Extension
Redishred
Capital Corp. ("Redishred") (TSX-V: KUT) is pleased to announce
that it has signed an amendment to its existing line of credit
facility extending the facility's term from November 27, 2014 to
November 27, 2017. The interest rate remains at 10% per annum, paid
semi-annually and the facility remains at $6,034,000.
Lawsuit Update
On
September 4th, 2013,
the Court granted Proshred Franchising Corp's ("PFC") motion and
dismissed all claims against PFC. As disclosed in our June 30, 2013
Financial Statements and MD&A, one franchisee remained in a
legal complaint filed in June of 2010 against Redishred's
subsidiary PFC. PFC moved to dismiss the litigant's claims in the
first quarter of 2012.
Services
Redishred Capital Corp. is the owner of the
PROSHRED(R)
trademarks and intellectual property in the United
States. PROSHRED(R)
shreds and recycles confidential
documents and proprietary materials for thousands of customers in
the United States in all industry sectors. PROSHRED(R)
is a pioneer in the mobile document destruction and
recycling industry and has the ISO 9001:2008 certification. It
is PROSHRED(R)'s vision to be the 'system of choice'
and provide shredding and recycling services on a global basis.
Redishred Capital Corp. grants PROSHRED(R)
franchise businesses in the United States and by way
of license arrangement in the Middle East. Redishred Capital Corp.
also operates four corporate shredding businesses directly. The
Company's plan is to grow its business by way of both franchising
and the acquisition and operation of document destruction
businesses that generate stable and recurring cash flow through a
scheduled client base, continuous paper recycling and concurrent
unscheduled shredding service.
FOR FURTHER INFORMATION PLEASE
CONTACT:
Redishred Capital
Corp. (TSX.V - KUT)
Jeffrey Hasham,
MBA, CA
Chief Executive
Officer
Jeffrey.hasham@redishred.com
www.redishred.com
Phone: (416)
849-3469 Fax: (905) 812-9448
or,
Redishred Capital
Corp. (TSX.V - KUT)
Kasia Pawluk,
CA
Chief Financial
Officer
kasia.pawluk@redishred.com
www.redishred.com
Phone: (416)
204-0076 Fax: (905) 812-9448
Note: 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.
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