MONTREAL, Sept. 10 /CNW Telbec/ - Eloda Corporation ("Eloda") (TSX-V:
ELA) announces that it has issued a new promissory note of $100,000 in respect
of the loan agreement of up to $500,000 announced on June 26, 2009. The
promissory notes bear interest at the annual rate of 12% and shall become due
and payable upon demand by the holder. The promissory notes are not
convertible into securities of Eloda.
The proceeds will mainly be used to finance Eloda's operations, fund the
on-going growth of its business and for working capital purposes.
The loan agreement constitutes a related party transaction for the
purposes of Multilateral Instrument 61-101 Protection of Minority Holders in
Special Transactions as disclosed in Eloda's press release dated June 26,
Eloda also announces that it has retained the firm of Price Waterhouse
Coopers to review strategic options for the Company.
In addition, the Company announces the resignations of Mr. Francois
Duffar and Mr. John Bernbach from its Board of Directors. The Directors of
Eloda wish to thank Mr. Duffar and Mr. Bernbach for their very significant
contribution to the development of the Company during their tenures.
About Eloda Corporation
Eloda Corporation (TSX-V: ELA) is a third party providing a suite of
innovative, effective and user-friendly measurement and validation tools for
the advertising industry. The company is headquartered in Montreal, with an
office in New York City. For more information, visit www.eloda.com.
Neither TSX Venture Exchange nor its Regulation services provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: L. Derek Lindsay, VP and CFO, Eloda
Corporation, (514) 842-1513, FAX: (514) 842-4588, firstname.lastname@example.org;
Christiane Allaire, Director Marcom, Eloda Corporation, (514) 842-1513, FAX:
(514) 842-4588, email@example.com