TSX Venture Exchange Trading Symbol - NIT
35,583,829 shares outstanding
MARKHAM, ON, June 8 /CNW/ - Neotel International Inc. ("Neotel")
announced that on June 4, 2007 the Company completed a $250,000
non-convertible loan with Gould Leasing Ltd. The term of the loan is for 24
months and the interest rate is set at 18% per annum. The loan is secured with
a general security agreement on the assets of Neotel International Inc. An 8%
commission was paid to an arm's length company for their part in acting as a
negotiator in this transaction. Neotel paid the lender a one time bonus of
100,000 common shares of stock of the Company at a determined value of $0.16
per share. All shares issued in connection with the transaction are subject to
a four month hold period from the date of issuance.
The proceeds of the loan will be used to repay existing secured and
unsecured creditors, to complete additional patent applications for "Sign
Here" and to expand our sales team..
On May 4, 2007 the Company issued 104,000 common shares at a deemed value
of $0.125 per share in settlement of a convertible loan. The shares are
subject to a four month hold period from the date of issuance.
The above transactions have received approval from the TSX Venture
ABOUT NEOTEL INTERNATIONAL INC.
Neotel is a provider of secure fax, biometric signature authentication
and other secure solutions to enterprise and government. Neotel offers clients
a portfolio of secure solutions to protect assets, reduce costs, increase
revenues and comply with government and industry regulations. Neotel's
biometric identification solution allows for electronic signature capture that
is uniquely personal and impossible to forge. Neotel, through its subsidiary,
Admiral Secure Products Ltd., is a leading provider of secure fax devices
designed to protect sensitive facsimile communications from inadvertent or
intentional disclosure. Admiral's products are utilized by government
departments and financial service organizations which require maximum security
to protect the transmission of highly private and confidential information.
Additional information about Neotel is available at www.neotel.ca.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Maureen Espin, Neotel International Inc., (905)