TORONTO, Jan. 28 /CNW/ - Tenth Power Technologies Corp. (TSX-V:TPI) (the "Company" or "Tenth Power") announces today that it plans, subject to TSX Venture Exchange approval, to settle debts originally outstanding in the amount of $164,427 but reduced to an agreed settlement amount of $86,977. In connection with the settlement of these amounts, all owed to arms-length parties, the Company has agreed to issue 579,845 common shares at $0.15 per common share.
At a recent meeting of the Board of Directors, the Directors approved a total of 455,000 options to be granted to various directors, officers, employees and service providers. The options, which are subject to regulatory approval, have a three year term and a strike price of $0.15 per share.
In a continuing plan to strengthen the Balance Sheet, and in order to allow the Company to meet its financial obligations, the holders of convertible secured debentures with a maturity date of August 22, 2010 have agreed to extend the maturity date for a period of one year to August 22, 2011. The terms and conditions of the Debenture remain the same.
ABOUT TENTH POWER TECHNOLOGIES CORP.
Tenth Power is a Canadian based technology and solutions company. The Company provides security based systems focused on solutions that address all aspects of data and identity security within the digital community.
Tenth Power has now successfully transformed itself into an organization that provides customers the technology required to both analyze and maintain all elements of data integrity in their businesses.
SOURCE Tenth Power Technologies Corp.
For further information: For further information: Maureen Espin, Tenth Power Technologies Corp., Tel: (905) 948-9229 ext: 177