MONTREAL, Oct. 31, 2013 /CNW Telbec/ - Aptilon Corporation ("Aptilon" or
the "Company") (NEX: APZ.H), today announced that it has closed the
refinancing of DMD Marketing LP and DMD Marketing Corp. (collectively
This refinancing was made possible by a senior credit facility of up to
US $5,000,000 granted by a US based lender and by the reduction of the
balance of purchase price to be paid to the vendor in connection with
the acquisition of the DMD assets in 2009 (the "Vendor").
The senior credit facility
The senior credit facility of up to US $5,000,000 is comprised of a
US $4,000,000 revolving credit facility and a US $1,000,000 term loan.
The purpose of this senior credit facility is to finance an accelerated
US $3,000,000 payment to the Vendor and to provide working capital to
DMD. The senior credit facility is secured by a first-ranking security
interest on all of DMD assets and on the limited partnership interests
held by Aptilon Holdings Inc. and 4522401 Canada Inc. in DMD Marketing
LP. The senior credit facility matures on the third anniversary of its
The revised terms of payment of the DMD acquisition
Under the terms of the agreement with the Vendor, the repayment schedule
of the balance of purchase price relating to the acquisition of the DMD
assets has been modified. The Vendor has agreed to reduce the balance
owed to it to US $11.85 Million. The reduced balance shall not bear
interest and it is secured by a second-ranking security interest on the
assets of DMD Marketing Corp. and the shares of DMD Marketing Corp.
held by DMD Marketing LP. The reduced balance will be repaid by way of
a payment of US $125,000 to be made on December 15, 2013 and, starting
on January 15, 2014, on the 15th day of each month thereafter, by payments corresponding to the higher
of US $125,000 or 1/12 of 35% of the annual EBITDA of DMD.
Filing of financial statements
At this stage, it is anticipated that the December 31, 2012 audited
financial statements and the March 31, 2013 and June 30, 2013 along
with the related MD&A will be filed no later than November 11, 2013. It
is also anticipated that the filing of the September 30, 2013 financial
statements will be completed no later than November 29, 2013.
The Company will hold its annual meeting of shareholders on December 6,
About Aptilon Corporation
Aptilon is a healthcare marketing services company that enables access
to healthcare professionals, including physicians, pharmacists, nurses,
and other allied health professionals through the channels of direct
mail and email.
This news release contains forward-looking information. These statements
relate to future events or future performance and reflect management's
current expectations and assumptions. Such forward-looking statements
reflect management's current beliefs and are based on information
currently available to management of Aptilon. A number of factors could
cause actual events, performance or results to differ materially from
the events performance and results discussed in the forward-looking
statements. These forward-looking statements are made as of the date
hereof and Aptilon does not assume any obligation to update or revise
them to reflect new events or circumstances.
Neither Nex, TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of NEX and the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
SOURCE: Aptilon Holdings
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