Supports Recently Announced KasTech Initiative
SUNNYVALE, Calif., Sept. 16, 2015 /CNW/ -- LeoNovus® Inc. ("LeoNovus" or the "Company") (TSXV: LTV), a leading developer of geo-distributed cloud services, is pleased to announce its closing of a secured debenture note (the "Note") from a current LeoNovus shareholder. The Debenture Note is for CDN$300,000 at an interest rate of 9% per annum, payable semi-annually. The term of the Note is 3 years and comes with 100% warrant coverage of the principal at CDN$0.10 for up to 3 million warrants for the term of the loan, or one year after prepayment of the loan, whichever comes first. There are no penalties for early prepayment. The Company will provide a finder's fee of 4% of the amount of proceeds received pursuant to the seller's efforts payable in cash.
The proceeds will be used for business operations and to support the Company's recently announced consulting partnership with KasTech.
Completion is subject to certain conditions, including, without limitation, receipt of the TSX Exchange approval and any other required approvals.
About LeoNovus Inc. (www.LeoNovus.com)
LeoNovus® is a publicly traded company on the Toronto exchange with offices in Sunnyvale, CA. and Ottawa, Ontario. The Company has launched an innovative high performance browser-based SMART MEDIA PLATFORM with a remotely managed cloud system that provides HDTVs and other connected devices with unprecedented access to features, content, and functionality over the web. This approach delivers an extremely flexible just-in-time service model to multiple markets including residential, hospitality and health care. Additionally, LeoNovus utilizes its proprietary processing technology to utilize idle processors in hardware systems for purposes of building Intelligent Networks. This allows the Company to offer geo-dispersed cloud services for new revenue streams while reducing costs and increasing performance via distributed networks.
LeoNovus shares are traded on the TSX Venture Exchange. Further information about LeoNovus can be found in its filings with Canadian securities regulators, which filings are available at http://www.sedar.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information included in this press release is forward-looking and may involve risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that might cause a difference include, but are not limited to, competitive developments, risks associated with LeoNovus' growth, the state of the financial markets, regulatory risks and other factors. Forward-looking statements included or incorporated by reference in this press release include statements with respect to proposed terms of, and the intended use of proceeds of, the Debentures. There can be no assurance that any statements of forward-looking information contained in this release 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 statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Unless otherwise required by applicable securities laws, LeoNovus disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on any statements of forward-looking information that speak only as of the date of this release. More detailed information about potential factors that could affect LeoNovus' financial and business results is included in public documents LeoNovus files from time to time with Canadian securities regulatory authorities and which are available at www.sedar.com
All trademarks, registered trademarks and brands mentioned in this release are the property of their respective owners.
SOURCE LeoNovus Inc.
For further information: For more information, please contact: T: (408) 541-9400, F: (408) 541-9410, IR@LeoNovus.com, Gordon Campbell, Chief Executive Officer, http://www.LeoNovus.com