MONTREAL, Sept. 18, 2012 /CNW Telbec/ - Buzz Telecommunications Services
(TSXV: BZZ) announced today that it has signed a loan agreement with
the Royal Bank of Canada in the amount of $350 000 (the "Loan"). The
Loan will be allocated towards working capital and marketing for the
benefit of its subsidiaries. The Loan will be supported by a financial
guarantee of 50% from Investissement Québec. The Loan is also secured
by a first ranking security on the entire inventory of the Company as
well as by a movable hypothec on present and future, corporeal and
incorporeal, assets of the Company. Palos Capital Pool, L.P. also
agreed to subordinate their loan to the Company in favour of the Loan.
The first disbursement, in the amount of $250 000, was made upon
execution of the Loan documents. The second disbursement of the Loan
will be made six months from the first disbursement provided that the
Company's annual sales in 2012 are $1 000 000 and that the Company has
a positive EBITDA for a period of three months.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of this release.
About Buzz Telecommunications
Buzz is a telecom company licensed by the CRTC and provides a complete
range of telecommunications services to Canadians in both residential &
business markets. Buzz offers its branded 10-11-555 and the 10-11-289
Dial around Services. Buzz continues to develop long distance products
for its clients in an effort to provide the long distance services as
competitively priced as reasonably possible.
SOURCE: Buzz Telecommunications Services Inc.
For further information:
Please contact: Rafi Hazan, CEO & President, e-mail: email@example.com, (514) 788-1499 x 202