ST. JOHN'S, July 19, 2013 /CNW/ - Today Rutter Inc. (TSX: RUT) announced
that it has entered into an amending agreement with its lenders to
modify the terms of its operating loan and term debt.
The lenders have agreed to: (i) extend the maturity of the Company's
operating loan ("Loan A") from April 30, 2014 to September 30, 2016;
(ii) to extend the maturity of the Company's term loan ("Loan B") from
June 30, 2014 to September 30, 2016 and to (iii) reduce the monthly
installments repayable on Loan B from $150,000 to $75,000. All other
terms of the loans remain the same and no additional fees have been
paid as a result of the change in terms.
As of today's date, Loan B has a principal outstanding balance of
$3,750,000 and the Company has not drawn down any of its $2,000,000
available funds under Loan A.
"We are pleased to have these changes in terms in place well in advance
of the April 2014 and June 2014 maturities, removing any uncertainty
regarding the renewal of these instruments in the coming year" stated
Fraser Edison, President and CEO of Rutter Inc. "The reduction of our
Loan B monthly payments also gives us additional cash flow flexibility,
reducing our need to draw down upon the $2,000,000 operating loan."
About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies
and engineering solutions. Rutter's global network supplies
technologies to improve efficiency and safety in the marine, defense,
transportation, oil and gas sectors from its headquarters in the
Province of Newfoundland and Labrador. For more information see www.rutter.ca
About OceanWaveS GmbH - OceanWaveS is an enterprise focused on technology development for the
real time measurement of directional ocean wave spectra. OceanWaveS'
customer base includes operators in offshore oil development interested
in operational safety and efficiency, navies pursuing greater
understanding of ship stability and motion prediction, and coastal
monitoring stations concerned with vessel traffic management and
coastline erosion monitoring. For more information see www.oceanwaves.org
This press release may contain forward-looking statements that involve
risks and uncertainties. These statements reflect current expectations
and are subject to a number of risks and uncertainties including but
not limited to, change in technology and general market conditions. Due
to the many risks and uncertainties, Rutter Inc. cannot assure that
forward-looking statements that may be contained in this press release
will be realized.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
SOURCE: RUTTER INC.
For further information:
Karen Snook, Chief Financial Officer and Corporate Secretary, Rutter Inc. +1 709 576 6666