MONTREAL (Quebec), October 11, 2011
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 innovative Software for the Smart Enterprise™, announces that has entered into a secured loan agreement with several investors on a private placement basis for proceeds of $500,000. As per the Corporation’s press release of October 06, 2011, at closing the Lenders advanced proceeds of $200,000 representing the first portion of a loan participation secured by the assets of the Corporation, subject to prior ranking security of the Corporation’s bankers. The Loan participation bears interest at 10% initially, increasing 1% per quarter to a maximum of 15%. The Corporation may draw down on the loan commitments up to March 1, 2012. The maturity date of the Loan is September 30, 2012. In consideration of the undertaking of the Lenders to advance sums under the Loan Agreement they each received 1 Common Share of the Corporation for each dollar of loan committed by them, however such shares to be held in escrow until the advancing of the funds due by them or the decision of the Corporation not to draw down on those funds. The shares are subject to a four-month hold period in accordance with applicable securities laws. The net proceeds from the private placement will be used to fund working capital. The loan participation was acquired by accredited investors. Alphinat continues to seek investors for the remaining $250,000 of the $750,000 maximum proceeds.
In connection with the private placement, Alphinat has paid a finder’s fee to CCFL Capital s.e.n.c. of $7,595. which is based on a sliding scale with a maximum amount payable under the placement equal to $30,000. Mr. Paul Lowenstein is a member of the Board of Directors of the Corporation. He is also a partner in CCFL Capital.
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.