September 19, 2013, (ACCESSWIRE) Toronto, Ontario. NTG Clarity Networks Inc., (TSX VENTURE:NCI) is pleased to announce that the company has received the Purchase Orders (POs) for three Letters of Intent (LOIs) announced from the end of May to the beginning of June. NTG had completed and billed approximately USD $2.7 million of work on these purchase orders to the end of August.
NTG also announces that the Corporation has provided written notice to Debenture holders that the Debentures will be converted into Common Shares effective October 21, 2013 (the "Conversion Date"). Each holder of Debentures shall be entitled to receive (1) Common Share for each $0.25 of principal amount of Debentures held. These Common Shares are subject to a mandatory four (4) month hold period from the date of closing of the Debenture (that is until November 29th for the holders of the first tranche and December 1st for the holders of the second tranche).
"These two announcements will have a positive effect on our revenue and cash flow and will also strengthen our balance sheet with the reduction of debt." said Ashraf Zaghloul, NTG Clarity's Chairman & CEO.
In an unrelated matter, NTG is continuing work to finalize the PO for the Document of Intent announced in early September for USD $3.64 million. The PO is currently delayed and is not expected to be received until January 2014, the new target date for the work to start.
ABOUT CLARITY NETWORKS INC.
NTG Clarity Networks' vision is to be a global leader in providing networking solutions. Established in 1992, NTG Clarity has delivered networking, IT and network enabled application software solutions to network service providers and large enterprises in Canada. More than 200 network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading network service providers and enterprises.
FORWARD LOOKING INFORMATION
Certain statements in this release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward looking statements should circumstances or management's estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information:
Doren Quinton, President QIS Capital
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