WINNIPEG, March 22 /CNW/ - Novra Technologies Inc. ("Novra") (TSX Venture: NVI) is pleased to announce that it has successfully negotiated a restructuring of its debt to Crocus Investment Fund ("Crocus"). Crocus is currently in a court appointed receivership and continues to be operated by the receiver.
Crocus has agreed to a new loan of $1,000,000, with interest at 7.5%, in full satisfaction of Novra' debt which was due in December, 2006 in the amount of $1,055,755. Novra has no other long term secure debt.
The terms of the new agreement with Crocus is for Novra to make 100 monthly payments of $10,000 starting January 2010 plus applicable interest. The agreement also forgives any interest from July 2009 to July 2011 as long as Novra makes these payments on time. Starting August 2011 the monthly payments will be $10,000 plus interest. The terms of the agreement have Novra completely retiring the debt April 1, 2018. Novra has the option to prepay the debt at any time.
About Novra Technologies Inc.
Novra Technologies offers premium products and solutions to the datacasting and digital signage markets. Novra specializes in the transmission and reception of IP traffic over satellite, cable and terrestrial communication links. Products offered include broadband receivers for DVB-S, DVB-S2, DVB-C, and ATSC systems. Novra's IPE encapsulator products can be used in both DVB and ATSC MPEG2 systems for datacasting as well as broadband access applications. The NovraLink digital signage solution integrates Novra's technologies into a comprehensive multimedia management and distribution system.
Forward Looking Statements
Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to general economic conditions, changes in technology, reliance on third party manufacturing, managing rapid growth, global sales risks, limited intellectual property protection and other risks and uncertainties described in Novra's public filings with securities regulatory authorities.
TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The statements contained in this release that are not historical facts are forward looking statements, which involve risks and uncertainties that could cause actual results to differ materially from targeted results. The Company relies upon litigation protection for forward-looking statements.
SOURCE NOVRA TECHNOLOGIES INC.
For further information: For further information: contact Harris Liontas, President & CEO at (204) 989-4724, Facsimile (204) 989-4640, Email email@example.com; Novra Technologies Inc., 900-330 St. Mary Avenue, Winnipeg, MB, R3C 3Z5