LANGLEY, BC / ACCESSWIRE / April 3, 2014 / Iplayco Corporation Limited (TSX VENTURE: IPC) ("Iplayco" or the "Corporation") announces that it has extinguished its revolving loans, in the aggregate principal amount of $310,000, with the Corporation's Chief Executive Officer, President, Chief Financial Officer, and one of its former directors (collectively, the "Revolving Loans"). The Revolving Loans were unsecured and bore interest at the rate of 15.0% per annum.
The Corporation's Board of Directors (the "Board") is composed of five directors, of which three are independent directors and two are members of management, including the Corporation's Chief Executive Officer, and President. The Board has determined that it is in the best interest of the Corporation to extinguish the Revolving Loans in the aggregate principal amount of $310,000 and has unanimously approved the extinguishment of the Revolving Loans.
About Iplayco Corporation Limited
Iplayco custom designs, manufactures and installs premium quality, fun, safe and durable play structures for children worldwide. In its 14-year history, Iplayco has sold play structures to over 50 countries and to 16 different markets, including family entertainment centres, theme parks, shopping malls, restaurants, fitness and health clubs, municipalities, schools, daycare centres, hospitals, zoos and churches. 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.
For more information, please contact:
Iplayco Corporation Limited
Chief Financial Officer and Corporate Secretary
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.
Iplayco Corporation Ltd. was recognized as a TSX Venture 50(R) company in 2014. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.
SOURCE: Iplayco Corporation Limited