BURNABY, BC, April 26 /CNW/ - TIO Networks Corp. (TIO), North America's
leading automated bill payment and financial services network (TSX-V: TNC),
announced that it has converted all of the outstanding convertible promissory
notes, originally issued in 2004, into common shares of the company. There was
a total of $2,444,745.21 in principal and interest outstanding as of April 25,
2007 (the conversion date). Pursuant to the terms of the debenture, the
principal outstanding was converted at $0.90 and the interest was converted at
$1.204. The company issued a total of 2,619,665 common shares.
"The conversion of the Promissory Notes and accrued interest into common
equity improves our financial ratios and reduces our annual interest expense,"
said Hamed Shahbazi Chairman & CEO of TIO Networks Corp."
About TIO Networks Corp.
TIO Networks Corp. is North America's largest multi-retailer network of
non bank financial services for the 'cash preferred' consumer marketplace. The
Company operates in more than 2000 locations and provides safe secure access
to bill payment and other key financial services. For more information, please
The TSX Venture Exchange has not reviewed this news release and does not
accept responsibility for its adequacy and accuracy.
For further information:
For further information: John Lewis, Business Development - TIO
Networks, Tel: (416) 364-2266, Email: jrlewis@TIOnetworks.com