MONTREAL (Quebec), May 12, 2017
THIS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Alphinat Inc. (“Alphinat”) (TSX-V: NPA), a leader in productivity software and innovative “Software for the Smart Enterprise™”, is pleased to announce that the Debenture holders of the Class A and Class B Debentures issued in 2013 and 2014 have agreed to an extension of the September 17, 2017 maturity date of the Debentures. The Debentures continue to bear interest at 10% annually and shall now be reimbursed over a period of four years, being 20% no later than September 30, 2017, 30% no later than September 30, 2018, 20% no later than September 30, 2019 and the balance no later than September 30, 2020. As at February 28, 2017 there was an aggregate of $1,059,072 outstanding under the Debentures, of which $587,858 was due to insiders and $471,214 was due to non-insiders.
The EVP Chief Operating Officer and Chief Financial Officer, Curtis Page, stated: “We are very pleased with the confidence shown by the Debenture holders in extending the maturity date. The continually improving financial situation of the Corporation has allowed the Debenture holders to consider and to agree to this rescheduling. This is a very positive development for the Corporation and will allow it to avoid diluting share value.”
As a result of this extension, 80% of the outstanding amount will be recognized as long term liability whereas 100% was recognized as short term equity in the interim financial statements dated February 28, 2017.
At Alphinat, we are driven by the passion to make application development easy for everyone. It always struck us as odd that the people with the vision of how a finished application should look and behave would only be involved at the start of the process. After all, what better way to ensure a favourable outcome than to provide those closest to an application’s end-users with a vested interest in its success throughout its development?
That’s why we bring you new ways to empower the right people at the right time in the application development process. At the same time, we’re constantly working to reduce the need to code in order to make application development and maintenance simpler and less error-prone.
So whether you choose to develop your applications with the help of our low-code platform SmartGuide®, kickstart your project using one of our pre-built apps or engage us or one of our partners to do the work for you, we’re here to help you deploy better applications in record time. Visit http://www.alphinat.com for more information. We look forward to hearing from you.
Certain statements in this document, including those which express management’s expectations or estimations with regard to the Company’s future performance, constitute “forward-looking statements” as understood by applicable securities laws. Forward-looking statements are, of necessity, based on a certain number of estimates and hypotheses; while management considers these to be accurate at the time they are expressed, they are inherently subject to significant uncertainties and risks on the commercial, economic and competitive levels. We advise readers that these forward-looking statements are subject to risks, uncertainties, and other known and unknown factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. A number of factors could cause significant differences between actual results and those described in forward-looking statements. Investors are advised to not rely unduly on the forward-looking statements. This advisory applies to all forward-looking statements, whether expressed orally or in writing, attributed to Alphinat or to any individual expressing them in the name of the Company. Unless required by law, the Company is under no obligation to publicly update these forward-looking statements, whether to reflect new information, future events, or other circumstances. Risks and uncertainties that bear on the Company are described in greater detail in the Company’s Annual Report.