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 secure low-code/no-code application and portal development a reality and easier for everyone. We enable the people with the vision and process knowledge to create great finished applications that IT can more easily deploy in their secure environments. With SmartGuide we provide an easy to use low-code tool and derivative solutions such as SmartGuide for “Dynamics 365 targeted for G&Cs that meet the client’s most critical needs empowering all lines of business to leverage their own process knowledge and expertise to self-serve.
SmartGuide brings you new ways to empower the right people with tools for success at the right time in the application development process. At the same time, we are constantly working to reduce the need to code in order to make application development and maintenance simpler.
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 or derivative apps or engage us or one of our partners to do the work for you, we’re here to help you deploy secure applications in record time.
Alphinat provides a safe and secure workplace and remains an equal opportunity employer promoting our passion for productivity. With that mantra we have issued ourselves a challenge to find and promote the best minds and freely share ideas.
Certain statements in this document, including those which express management’s expectations or estimations with regards 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. These include, but are not limited to, the Company’s capacity to increase acceptance of its products on the market, and to penetrate new markets; the potential existence of defects or undetected problems in the Company’s products; the Company’s ability to manage its growth; the Company’s ability to compete with others; potential commitments; maintaining the Company’s intellectual property rights and defending against litigation putting those rights in question; the Company’s reliance on the knowledge of its key personnel; and the Company’s access to sufficient capital to finance its future needs. This is a partial and non-exhaustive list of factors that could bear on any of our 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. 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.
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.