CALGARY, June 30 /CNW/ - Kelman Technologies Inc. (TSXV: KTI) announced
today that it closed its previously announced refinancing agreement with
Epstein Enterprises Inc. ("EEI"), a corporation controlled by Mr. Seymour
Epstein, Chairman of the Corporation, whereby EEI subscribed for a 12.25%
secured non-convertible debenture in the principal amount of $4,230,696 and
42,306,960 common share purchase warrants for a cash payment of $4,230,696
that was used to purchase 6,861,392 Series B Senior Preferred Shares and
2,666,666 Series C Senior Preferred Shares of the Corporation owned by Seyco
Operations Limited, a company controlled by Mr. Epstein, for cancellation.
The Corporation also closed its previously announced refinancing
agreement with Mr. Victor Peters, a director of the Corporation, whereby Mr.
Peters subscribed for a 12.25% secured non-convertible debenture in the
principal amount of $201,462 and 2,014,620 common share purchase warrants for
consideration of a cash payment of $201,462 that was used to purchase 402,923
Series B Senior Preferred Shares of the Corporation owned by Mr. Peters for
In addition, the Corporation announced today that it has secured
short-term financing in the amount of CDN$500,000 from EEI, which is evidenced
through a promissory note due 90 days from the date of issuance or on such
earlier date as requested by EEI. The promissory note will bear interest at
the Prime Rate of the Royal Bank of Canada in effect from time to time plus
ten (10%) percent.
Kelman Technologies Inc. is a publicly traded Canadian company listed on
the TSX Venture Exchange under the trading symbol "KTI". With offices in
Calgary and Toronto, Canada, Denver, Houston, and Oklahoma City, United
States, London, United Kingdom and Tripoli, Libya KTI services oil and gas
exploration companies with a full suite of seismic processing and on-line data
management and data archival services.
To the extent this press release includes forecasts or forward looking
statements about future performance of the company such forecasts or
statements are believed to be reasonable by the company but are based upon
assumptions in respect of commodity pricing and oil and gas exploration
activity levels over the next couple of years. The risks associated with
future events are mitigated where possible by Kelman but are uncontrollable
and no guarantee of the accuracy of the forecasts or future financial
performance of the company is offered.
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: please visit our web site at
http://www.kelman.com or contact Mr. Rene VandenBrand, President and CEO at
(281) 293-0537, or by email to firstname.lastname@example.org