BURNABY, BC, June 24 /CNW/ - ESI Entertainment Systems Inc. ("ESI" or the
"Company") (TSX: ESY) is pleased to announce that the Company has completed a
loan agreement of USD $2 million bearing interest at the rate of 6% per annum
and repayable in two installments with the first due on December 11, 2008 and
the second due on June 11, 2009; the loan is secured by first ranking fixed
charges on the entire issued share capital of two of the Company's principal
subsidiaries, ESI Integrity Inc. and Citadel Commerce UK Limited.
Citadel Commerce has focused its efforts on enhancing and deploying its
e-wallet platform, paper cheque payouts and Internet Banking (Rapid and
Instant Bank Transfers), and now supports instant payment for over 600 million
bank accounts in more than 36 countries outside the US; several large iGaming
merchants have signed agreements to use Citadel's services outside the US.
Tony Greening, CEO, said "The Company has now resolved issues relating to
its past financial processing in the USA, completed and filed its audited
financial statements for fiscal 2008 and has now replenished its working
capital. With our solid foundation of large customers and the way now clear
before us we will devote our efforts on building and strengthening the ESI
business and the Citadel and ESI Integrity brands."
This news release contains forward-looking statements concerning
ESI Entertainment Systems Inc, which statements can be identified by the use
of forward-looking terminology such as "expect", "proposed", "may", "plan",
"intend", "will", "would" or the negative thereof or any other variations
thereon or comparable terminology referring to future events or results.
Forward-looking statements are statements about the future and are inherently
uncertain, and the actual events or results could be materially different than
those anticipated in those forward-looking statements as a result of numerous
factors. These risks include risks related to revenue growth, operating
results, industry growth, changes in regulation and legislation, products,
technology, financing, competition, personnel and other factors affecting the
Company and its business, any of which could cause actual events or results to
vary materially from ESI's anticipated future results. Forward-looking
statements are based on beliefs, opinions and expectations of ESI's management
at the time they are made, and ESI does not assume any obligation to update
its forward-looking statements if those beliefs, opinions or expectations, or
other circumstances should change. The Toronto Stock Exchange does not accept
responsibility for this press release.
About ESI Entertainment Systems Inc.
ESI Entertainment Systems Inc. ("ESI") (TSX: ESY) provides products and
services to the international gaming and e-commerce industries through its
three principal subsidiaries, Citadel Commerce Corp., ESI Integrity Inc. and
PlayLine Inc. ESI's products and services, which primarily consist of payment
processing, transaction monitoring and turnkey gaming platforms, are deployed
in the online and land based gaming and e-commerce markets.
For further information:
For further information: ESI Entertainment Systems Inc., Tony Greening,
Chief Executive Officer, Telephone: (604) 299-6922, email: email@example.com,