VendTek Systems Announces Offers for Existing Convertible Debtadmin
VendTek Systems Announces Offers for Existing Convertible Debt
Major Debenture Holder Indicated Acceptance
Vancouver, British Columbia CANADA, January 24, 2014 /FSC/ – VendTek Systems Inc. (VSI – TSX Venture), (“VendTek” or the “Company”), a global transaction processing company, has offered to its existing holders of 6% convertible debentures, which expire on January 25, 2014, to be issued new convertible debentures rather than be repaid in cash.
The Company has provided two offers:
1. New convertible debentures at the same principal amount as the existing convertible debentures, with a conversion price of $0.10 and bearing interest at 9%, maturing February 25, 2017; or
2. New convertible debentures at the same principal amount as the existing convertible debentures, with a conversion price of $0.10 and bearing interest at 7.5% and maturing February 25, 2017, and also warrants (the number of which will be (i) the principal value of indebtedness of the holder’s existing Convertible Debenture divided by (ii) $0.12 multiplied by (b) 50%, rounded down to the nearest whole number), exercisable at $0.12 per share and expiring on February 25, 2017.
All existing holders who agree to the new terms will have their existing convertible debentures and any warrants connected with them cancelled in connection with the issuance of the new convertible debentures.
The Company has already received agreement from debenture holders holding approximately $400,000 principal amount of the $2,300,000 principal amount of debentures outstanding that they are willing to proceed with accepting the initial offer.
The issuance of the new convertible debentures and any warrants, if applicable, remains subject to regulatory approval, including the approval of the TSX Venture Exchange.
For more information please contact Samantha White at 604-805-4653 or 1-800-806-4958 or email@example.com.
VendTek is headquartered in Vancouver, British Columbia, Canada, and develops and licenses automated transaction system software and supporting technologies that improve the efficiency of product delivery, reduce costs to clients and offer superior safety measures. VendTek’s customers, its division, Now Prepay and its subsidiaries are using eFresh(tm) software to build electronic, prepaid services networks, which enable consumers to purchase prepaid services via point-of-sale terminals (POS) and self-serve terminals connected to a central eFresh(tm) server. This system creates significant value through improved efficiencies compared to the traditional distribution paradigm. eFresh(tm) reduces shrinkage and inventory requirements while improving consumer access to prepaid services by completely eliminating physical cards and vouchers. For further information please visit the Company’s websites www.vendteksystems.com and www.nowprepay.com.
For more information contact Samantha White at 604-805-4653 or 1-800-806-4958 or firstname.lastname@example.org.
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.
To view the press release as a PDF file, please click on the following link:
Source: VendTek Systems Inc. (TSX-V VSI) www.vendteksys.com
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Posted: January 24th, 2014 under FSCWIRE.