NTG Clarity Receives Purchase Orders for Three Previously Announced LOIs
19 9월 2013 - 8:29PM
Access Wire
September 19, 2013, (ACCESSWIRE) Toronto, Ontario. NTG Clarity
Networks Inc., (TSX VENTURE:NCI) is pleased to announce that the
company has received the Purchase Orders (POs) for three Letters of
Intent (LOIs) announced from the end of May to the beginning of
June. NTG had completed and billed approximately USD $2.7 million
of work on these purchase orders to the end of August.
NTG also announces that the Corporation has provided written
notice to Debenture holders that the Debentures will be converted
into Common Shares effective October 21, 2013 (the "Conversion
Date"). Each holder of Debentures shall be entitled to receive (1)
Common Share for each $0.25 of principal amount of Debentures held.
These Common Shares are subject to a mandatory four (4) month hold
period from the date of closing of the Debenture (that is until
November 29th for the holders of the first tranche and December 1st
for the holders of the second tranche).
"These two announcements will have a positive effect on our
revenue and cash flow and will also strengthen our balance sheet
with the reduction of debt." said Ashraf Zaghloul, NTG Clarity's
Chairman & CEO.
In an unrelated matter, NTG is continuing work to finalize the
PO for the Document of Intent announced in early September for USD
$3.64 million. The PO is currently delayed and is not expected to
be received until January 2014, the new target date for the work to
start.
ABOUT CLARITY NETWORKS INC.
NTG Clarity Networks' vision is to be a global leader in
providing networking solutions. Established in 1992, NTG Clarity
has delivered networking, IT and network enabled application
software solutions to network service providers and large
enterprises in Canada. More than 200 network professionals provide
design, engineering, implementation, software development and
security expertise to the industry's leading network service
providers and enterprises.
FORWARD LOOKING INFORMATION
Certain statements in this release, other than statements of
historical fact, are forward looking information that involves
various risks and uncertainties. Such statements relating to, among
other things, the prospects for the company to enhance operating
results, are necessarily subject to risks and uncertainties, some
of which are significant in scope and nature. These uncertainties
may cause actual results to differ from information contained
herein. There can be no assurance that such statements will prove
to be accurate. Actual results and future events could differ
materially from those anticipated in such statements. These and all
subsequent written and oral forward looking statements are based on
the estimates and opinions of the management on the dates they are
made and expressly qualified in their entirety by this notice. The
Company assumes no obligation to update forward looking statements
should circumstances or management's estimates or opinions
change.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
Doren Quinton, President QIS Capital
Ph: 250-377-1182
Fax: 250-377-1183
Email: info@smallcaps.ca
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