The termination of the issuance of the Debentures was a result of the Company being informed by its lender that the resignation of
As a result of the lender's position, the investors have deemed that the issuance of the Debentures will not be in the best interest of the Company. The cancellation of the issuance of the Debentures has resulted in the lender advising the Company that it will not be waiving the current defaults under the credit facility.
The Company continues to conduct its business in the ordinary course and is confident that a replacement lender will be procured in due time, and negotiations have already commenced on that basis, although there can be no assurance that one can be found on terms acceptable to the Company.
About LOREX Technology Inc.:
LOREX provides businesses and consumers with leading edge video surveillance security solutions and sells its products through distinct market channels under the LOREX and Digimerge brands. The LOREX brand, which caters to both small business and consumer markets, is available in over 9,000 retail locations across
LOREX subsidiaries include; LOREX
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information included in this news release contains statements that are forward-looking, such as the statements about financing alternatives. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Full financial statements along with Management's Discussion and Analysis can be obtained from SEDAR at www.sedar.com
For further information: Adam Levin, Director, LOREX Technology Inc., Phone: (216) 595-9828 ext 105, www.lorextechnology.com
Share this article