BOUCHERVILLE, QC, Feb. 1, 2013 /CNW Telbec/ - Noveko International Inc. (TSX: EKO) (the "Corporation") reports that the closing of its financing announced on November 14, 2012, which will take the form of convertible debentures and term loans for an aggregate amount between $10 million to $12 million, and which was anticipated to occur before the end of January 2013, is now scheduled to occur on or about February 15, 2013. This financing shall be used among other things to reimburse the credit facility and the secured convertible debentures granted or issued pursuant to the September 28, 2011 financing made by Third Eye Capital Corporation (the "TEC Financing"). As already disclosed, the Corporation is in breach of the provisions of the agreements governing the TEC Financing.
With respect to the transfer of our 70% shareholding in our subsidiary SARL Noveko Algérie in consideration for the repayment of all the advances made to it, being $1,400,000, of which an amount of $400,000 was received during the first quarter ended September 30, 2012, the closing has not yet occurred. We anticipate a closing of that transaction in the next weeks; we will, in any case, in accordance with the regulation, provide updates at least every 30 days unless the closing occurs before.
Profile of the Corporation
The Corporation specializes in the air filtration segment by providing its clientele with innovative and eco-energetic filtration solutions. As such, through its subsidiaries, the Corporation designs, develops, manufactures and markets air filters incorporating its patented air filtration technologies, which filters are cleanable and recyclable, and have a much longer life span than conventional air filters. These filters are used in farm buildings, in institutional, commercial, industrial and residential buildings, and in the ground and aeronautics transport industry.
Through distributors, the Corporation furthermore continues to commercialize antimicrobial masks and respirators, hands sanitizers and ultrasound scanners for use in human and veterinary medicine.
Certain statements set forth in this press release constitute forward-looking statements. In some cases, these statements are identified by the use of terms such as "may", "could", "might", "intend", "should", "expect", "project", "plan", "believe", "estimate" or other comparable variants. These statements are based on the information available at the time they are written, on assumptions made by management and on the expectations of management, acting in good faith, regarding future events, including those relating to economic conditions, fluctuations in exchange rates and operating expenses, and the absence of unusual events entailing supplementary expenditures. Although management considers these assumptions and expectations reasonable based on the information available at the time they are written, they could prove inaccurate. Forward-looking statements are also subject, by their very nature, to known and unknown risks and uncertainties such as those related to the industry, acquisitions, labor relations, credit, key officers, supply and product liability. The actual results of Noveko International Inc. could differ materially from those indicated or underlying these forward-looking statements. The reader is therefore recommended not to unduly rely on these forward-looking statements. Forward-looking statements do not reflect the potential impact of special items, any business combination or any other transaction that may be announced or occur subsequent to the date hereof. Unless otherwise required under securities laws, the Corporation does not intend and undertakes no obligation to update or revise the forward-looking statements.
SOURCE: NOVEKO INTERNATIONAL INC.
For further information:
Chairman of the Board and Chief Executive Officer
Tel: (514) 875-0606