
Inventronics Announces
Early Repayment of Subordinated Debt
Calgary, Alberta – (April 19, 2007) – Inventronics Limited (IVX:TSXV), a designer and
manufacturer of custom metal enclosures for the communications, electronics and
other industries in North America, today announced that it has repaid
$3,500,000 of subordinated debt from the proceeds of a new loan.
The five year subordinated secured debt was due in
full in on December 31, 2007 and bore interest at 8% per annum. Through
arrangements with BMO Bank of
“This is a very important transaction for
Inventronics”, said Dan Stearne, President & CEO. “The subdebt loan was
critical five years ago for the survival of the Company. The repayment through
conventional lending at a favourable interest rate is a clear signal that the
turnaround of the company has been successful. Now with specific cash
requirements for repayment and no other debt obligations, not even operating
debt, we will be able to generate free cash flow.”
About
Inventronics
Inventronics Limited designs and manufactures custom
enclosures and other products for an array of customers in the
telecommunications, electronics, traffic controls, electric utilities and
computer services industries in
Shares of Inventronics are traded on the TSX Venture
Exchange under the symbol “IVX” (formerly IVT:TSXV). For more information about the Corporation,
its products and its services, go to www.inventronics.com.
Disclaimer
This news release contains forward looking information that represents
the Corporation’s internal projections, expectations, estimates or beliefs
concerning, among other things, future operating results and various components
thereof or the Corporation’s future economic performance. These statements relate to future events or
future performance. All statements other
than the statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can
be identified by terminology such as “may”, “will”, “should”, “expects”,
“projects”, “plans”, “anticipates”, and similar expressions. The projections, estimates and beliefs
contained in such forward-looking statements are based on management’s
assumptions relating to the production performance of Inventronics’ assets, the
cost and competition throughout the telecommunications industry in 2006, and
the continuation of the current regulatory and tax regimes in the jurisdictions
in which the Corporation operates, and necessarily involve known and unknown
risks and uncertainties, including risks and assumptions relating to exchange
rates, costs of production, outlook for sales, and other factors that may cause
actual performance and financial results in future periods to differ materially
from any projections of future performance or results expressed or implied by
such forward-looking statements.
Accordingly, readers are cautioned that events or circumstances could cause
results to differ materially from those predicted. The Corporation does not undertake to update
any forward-looking information in this document whether as to new information,
future events or otherwise.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Dan J. Stearne,
President and CEO (403)
265-4880, dstearne@inventronics.com