Calgary AB / ACCESSWIRE / March 19, 2014 / Real Time Measurements Inc. (the "Company") - Mr. Terry Matthews, President and CEO of the Company, provides the following update on the status of the Company's operations.
The Company is pleased to announce that its financial statements for the years ended 2011, 2012, and 2013 have been completed and it is currently completing its 2014 financial statements for the year ended January 31, 2014. Upon completion of the 2014 statements, which is expect to occur in the second or third quarter of 2014, the Company anticipates filing all required financial statements and accompanying Management Discussions and Analyses along with other relevant material and fees as required in order to return to full trading status with the securities commissions in due course.
2008 and 2011 Debenture Updates
The Company does not currently have the financial resources to payout the $830,000 in principal, plus accrued interest on the five-year convertible debentures which matured on various dates over the past 12 months. The debentures are in default for failure to pay interest to the debenture holders.
The debentures, which are unsecured, bear interest at 15% per annum, payable quarterly, and mature five years from the date of issue. The debentures were issued in three tranches; 1) $230,000 on May 10, 2008, 2) $370,000 on May 30, 2008 and c) $230,000 on June 20, 2008. The debentures matured on May 9, 2013, May 29, 2013, and June 19, 2013, respectively. They are convertible, at the option of the holder, into common shares of the Company at a price of $0.15 per share.
The Company also announces it will renegotiate the terms of the $500,000 Secured Debenture, which was issued pursuant to a private placement which closed on February 2, 2011, with the holders thereof. Pursuant to the terms of the Secured Debenture, all amounts owing to debenture holders became payable in one lump sum on the date of activation of the Irrevocable Letter of Credit pursuant to completion of the South Oil Company (Iraq) contract 85-07-3305 (refer to press release dated May 31, 2010 for details). The Company has been negotiating details of the final contract for several years, however management of the Company feels that a definitive agreement will never be reached. The Company is currently consulting with its legal counsel to determine if its deposits can be recovered.
The Corporation intends to commence immediate discussions with the holders of secured and unsecured debentures to amend the terms of and extend the maturity date of the debentures.
The Company will also continue its efforts to raise additional equity to pay the current interest obligations, fund its operation and re-finance other outstanding obligations or to seek to enter into another transaction in order to seek to maximize value for all stakeholders. Upon completion of filing all outstanding continuous disclosure filings, the Company may consider selling all or substantially all assets and evaluating other opportunities to create value.
Further details about the debt restructuring will be announced once definitive terms are reached with the debenture holders. Investors are cautioned however that there is no certainty the Company's debt will be restructured or that an arrangement will be reached with debenture holders.
The Company will remain on the NEX Exchange until the Company once again meets the TSX Venture Exchange minimum listing requirements.
The Company wishes to express its thanks to all shareholders for their support and patience over the past several years.
Real Time Measurements is a Canadian oil and gas technology development company that designs, builds and sells equipment and provides services to oil and gas companies in various parts of the world. The company uses innovative applications of recent technological developments to solve selected oil and gas upstream measurement problems in more efficient ways. The Company's primary business activity revolves around the commercial development of premium quality sensors and data gathering systems which are used primarily in oil and gas wells.
For further information please contact:
President, CEO, Director
Real Time Measurements Inc.
Bay 18, 4750 106th Avenue SE
Calgary AB T2C3G5
T: 403 720 3444
Neither the 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.
Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein 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. However, we disclaim any intention and assume no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
Leave a comment...