2012-10-29 12:49:24 -
Delta, British Columbia CANADA, October 29, 2012 /FSC/ - AirTest Technologies Inc. (AAT - TSX Venture), ("the Company") is pleased to announce the Company has executed a Loan Agreement with Omni Marketing Global Ltd. ("OMG"), the Company's distributor/partner based in SE Asia.
The amount of the loan is $200,000.00 CAD and its effective date is October 12, 2012. The loan bears interest at the rate of 20% per annum with interest payments due quarterly starting three months after the effective date. The loan is payable on demand anytime after October 12, 2013. If the Company is able to repay the loan prior to October 12, 2013, interest will be prorated to the date of repayment. The one year term of
loan is renewable for a further term at the option of OMG.
In consideration of OMG providing this bridge financing, the Company will issue a block of 400,000 bonus warrants to OMG. The warrants will entitle OMG to purchase one share for each warrant at a price of $0.10 CAD per share. The warrants are exercisable from February 1, 2013 through October 12, 2013. In the event the term of the loan is renewed for an additional term, the warrant exercise period will be extended accordingly.
According to President George Graham "This bridge financing will enable the Company to maintain its sales momentum, complete some valuable R&D projects, and give us the time it will take to conclude a more comprehensive long term financing in the near future".
Any modification to the Loan Agreement and any resulting amendments to the terms of the bonus warrants will be subject to Exchange review and acceptance.
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Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
For further information, please contact:
Mr. George Graham, President
Phone: (604) 517 3888
Fax : (604) 517 3900
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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Source: AirTest Technologies Inc. (TSXV: AAT) www.airtest.com
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