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Iplayco Renews Revolving Loans of $310,000
By: Marketwired .
Feb. 1, 2013 05:04 PM
LANGLEY, BRITISH COLUMBIA -- (Marketwire) -- 02/01/13 -- Iplayco Corporation Limited (TSX VENTURE:IPC) ("Iplayco" or the "Corporation") announces that it has renewed its revolving loan agreements with three of its directors, including the Corporation's Chief Executive Officer and President, and the Corporation's Chief Financial Officer, pursuant to which such directors and officers (collectively, the "Lenders") will continue to lend to the Corporation the aggregate principal amount of $310,000 (collectively, the "Revolving Loans"). The Revolving Loans will continue to bear interest at the rate of 15.0% per annum, are unsecured, mature on July 31, 2013 and can be renewed for an unspecified number of additional six-month periods. Renewal of the Revolving Loans requires joint approval of the Corporation and the Lenders. The Corporation has agreed with one of its directors to not renew one Revolving Loan in the aggregate principal amount of $100,000, pursuant to which the Corporation will pay the aggregate sum of $111,295, including accrued interest, to such director. The remaining Revolving Loans will continue to fund part of the Corporation's working capital requirements.
The Corporation's Board of Directors (the "Board") is composed of six directors, of which three are independent directors and three are members of management, including the Corporation's Chief Executive Officer, President and Executive Vice-President. The Chairman of the Board and the Corporation's Executive Vice-President did not participate in the Revolving Loans. The Board has determined that renewing the Revolving Loans in the aggregate principal amount of $310,000 is in the best interest of the Corporation and has unanimously approved the terms of the Revolving Loans and the continued use of the Revolving Loan proceeds.
ON BEHALF OF THE BOARD OF DIRECTORS
Scott C. Forbes, President and Director
About Iplayco Corporation Limited
Iplayco designs, manufactures and installs customized indoor and outdoor play structures for children. Iplayco also owns and operates a family entertainment centre ("The Great Escape") in Langley, British Columbia. For more information, please visit www.iplaycoltd.com.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding the Corporation's business, results or future plans, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are disclosed elsewhere in documents that are available to the public.
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.
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