MONTREAL, Oct. 5 /CNW Telbec/ - Eloda Corporation ("Eloda" or the "Company") (TSX-V: ELA) announces that it has accepted the firm offer of a group of private investors to acquire all Eloda's activities. The transaction will allow Eloda to accelerate its development and evolution in the promising ad verification and competitive intelligence market.
To facilitate the conclusion of an agreement, the company has submitted a notice of intention to make a proposal to its creditors under the Bankruptcy and Insolvency Act.
Eloda will continue its operations and commercial activities on the North American market.
The company also announces that it has issued a new promissory note of $100,000 in respect of the loan agreement of up to $800,000 announced on September 23, 2009. The promissory notes bear interest at the annual rate of 12% and shall become due and payable upon demand by the holder. The promissory notes are not convertible into securities of Eloda. The proceeds of this promissory note will mainly be used to finance Eloda's operations.
The loan agreement constitutes a related party transaction for the purposes of Multilateral Instrument 61-101 Protection of Minority Holders in Special Transactions as disclosed in Eloda's press release dated June 26, 2009.
About Eloda Corporation
Eloda Corporation (TSX-V: ELA) is a third party providing a suite of innovative, effective and user-friendly measurement and validation tools for the advertising industry. The company is headquartered in Montreal. For more information, visit www.eloda.com.
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responsibility for the adequacy or accuracy of this release.
SOURCE ELODA CORPORATION
For further information: For further information: L. Derek Lindsay, VP and CFO, Eloda Corporation, (514) 842-1513, fax: (514) 842-4588, firstname.lastname@example.org; Christiane Allaire, Director Marcom, Eloda Corporation, (514) 842-1513, fax: (514) 842-4588, email@example.com