(TSX Venture Exchange: "IVI")
Issued Common Shares: 28,493,167
CALGARY, Sept. 2 /CNW/ - Ivrnet Inc. (TSX Venture: IVI) is pleased to
announce that it has established new lending facilities with the Agriculture
Financial Services Corporation. Ivrnet will replace $240,000 of operating
lines ranging from 12% - 18% with a $500,000 term loan, amortized over 10
years at a rate of 4.71% The new loan decreases total interest payments yet
doubles available cash.
The new loan is secured by Ivrnet as well as a personal guarantee from
Ivrnet's CEO. As compensation for the guarantee, the CEO will receive a bonus
equivalent to 20% of the value of the loan, payable in common shares of
Ivrnet. The distribution of shares will be carried out pursuant to TSX Venture
Exchange Policy 5.1 and will rely on the prospectus and registration exemption
in Section 2.24 of National Instrument 45-106. The bonus is subject to TSX
Venture Exchange approval.
About Ivrnet Inc. - Ivrnet is a communications company that develops and
operates intelligent software applications, delivered through traditional
phone networks and over the Internet. These applications facilitate automated
interaction; personalized communication between people; mass communication for
disseminating information to thousands of people concurrently; and
personalized communication between people and automated systems. Ivrnet's
applications are accessible through nearly any form of communication
technology, at anytime from anywhere in North America via voice, phone, fax,
email, texting and the Internet.
About AFSC - AFSC is a provincial crown corporation with a private sector
Board of Directors that provides farmers, agribusinesses and other small
businesses loans, crop insurance and farm income disaster assistance.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This information
release may contain certain forward-looking information. Actual future results
may differ materially from those contemplated. The risks, uncertainties and
other factors that could influence the actual results are described in
documents filed with regulatory authorities.
For further information:
For further information: please visit our website at www.ivrnet.com, or
contact: David L. Snell, Ivrnet Inc., President and CEO, (403) 538-4540,