DURHAM, N.C., Feb. 10, 2012 /PRNewswire/ -- EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it has signed an agreement with GVEC Resource IV Inc. and Private Equity Management Group LLC (PEM), its former primary lender in the U.S. (collectively the Lender), to amend the terms of the existing $1 million interest bearing note (Note) that extends its due date to February 28, 2013, revises the principal repayment terms and includes provisions for the Company to receive a discount of up to 30 percent in consideration for early payment. Â
The Company also announced today that its San Jose, CA-based subsidiary, CXR Larus Corporation (CXR Larus), has sold certain assets related solely to the CXR Halcyon telecommunications test equipment product line to LDDF Incorporated, located in Austin, TX and doing business as TesCom, for $300,000 in an all cash transaction. Â Â With the sale of the CXR Halcyon test equipment product line, EMRISE will now be positioned to focus its resources on its core telecommunications products, which the Company believes will drive the future growth of its Communications Equipment business unit. Â
EMRISE Chairman and CEO Carmine T. Oliva said proceeds from the sale of the test equipment product line will be used to pay a portion of the $500,000 payment on the Note that is due the Lender on February 29, 2012 under the terms of the recent amendment to the Note. Â Oliva also said if EMRISE makes an additional payment of $200,000 to the Lender on or before April 30, 2012, the remaining unpaid principal amount of the Note will be deemed paid in full, resulting in a $300,000, or 30 percent, discount from the original $1 million principal balance of the Note. Â
Oliva noted that if the Company pays off the Note by April 30, 2012, it would eliminate the expense of the 15.5 percent interest rate on the Note and could save the Company more than $64,000 in interest expense over the next 10 months.
"We intend to pay off this Note early, which will be an important milestone for EMRISE as we focus on growing the Company and increasing value to our stockholders," Oliva added. "It will close a difficult and uncertain chapter in the history of EMRISE, and mark the final payment of what at one time were loan balances to the Lender of approximately $26 million. It will also finally eliminate the overhang of the debt and the stigma of the Company's business relationship with the Lender."
Full terms of the amendment to the existing credit agreement with its Lender and terms of the sale of the assets related to CXR Larus' telecommunications test equipment product line are contained in a Form 8-K to be filed today with the U.S. Securities and Exchange Commission. Â
About EMRISE CorporationEMRISE designs, manufactures and markets electronic devices, sub-systems and equipment for aerospace, defense, industrial and communications markets. EMRISE products perform key functions such as power supply and power conversion; radio frequency (RF) and microwave signal processing; and network access and timing and synchronization of communications networks. The use of its power supplies, RF and microwave signal processing devices and subsystems in on-board in-flight entertainment and connectivity systems is a primary growth driver for the Company's Electronic Devices business segment. The Company's network access and timing and synchronization products are primary growth drivers for the Company's Communications Equipment business segment. EMRISE serves the worldwide base of customers it has built in North America, Europe and Asia through operations in the United States, England and France. EMRISE is a publicly traded company whose common stock trades on the OTCBB under the symbol EMRI. For more information go to www.emrise.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995With the exception of historical information, the matters discussed in this press release, including without limitation EMRISE's ability to make an additional payment of $200,000 on or before April 30, 2012, the ability to receive a discount of up to 30 percent, and the ability to drive the future growth of the Communications Equipment business unit  are forward-looking statements that involve a number of risks and uncertainties. The actual future results of EMRISE Corporation could differ from those statements. The Company also refers you to those factors contained in the "Risk Factors" Section of EMRISE's Annual Report on Form 10-K for the year ended December 31, 2010, its Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K filed in recent months, and other EMRISE filings with the SEC.
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CONTACT: |
Allen & Caron Inc |
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Brandi Festa |
Rene Caron (investors) Len Hall (media) |
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Director Finance and Administration |
(949) 474-4300 |
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(408) 573-2705 |
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SOURCE EMRISE Corporation
LAKE FOREST, CA -- (MARKET WIRE) -- 02/10/12 -- SourcingLink.net Inc. (PINKSHEETS: SNET) is extremely proud to announce an agreement between its subsidiary Alliance Auto Group and the 54th Annual Grammy Awards. SourcingLink's subsidiary "Alliance Auto Group" has signed an agreement to be an official transportation provider for the Grammy awards show taking place in Los Angeles, CA on Sunday, February 12th. The pre-telecast ceremony commences at 1 pm PST at the Staples Center. The company will debut some of its vehicles this weekend at the pre and post show celebrations alongside the red carpet.
Valerie Paige, CEO of SourcingLink, states, "Our agreement with The Grammys gives the company an exciting opportunity to expand the Alliance Auto Group brand. This agreement highlights the direction in which the company is headed. The music industry has evolved into a global phenomenon grossing more than $50 billion a year. As part of our effort to become the leading player in the Luxury Car Share industry, we are working hard to secure additional contracts with key people, organizations, and events in the entertainment industry. We believe strongly in our vision of becoming the Luxury Auto Sharing Company of choice in the future. We look forward to providing company news on a regular basis. "
SourcingLink.net Inc. trades on the Over the Counter Market under the stock ticker symbol SNET.PK
About SourcingLink.net Inc.: SourcingLink.net Inc. is a holding company based in Orange County, California. Through its subsidiaries, the Company is engaged in the car share and automobile membership services. These services allow members access to a fleet of vehicles at the fraction of the cost of ownership and renting, but provides flexibility that leasing doesn't.
Our motto is, "Why Experience one, when you can drive them all?"
For more information visit the company's website at: www.sourcinglinknet.com and www.allianceautogroup.com
Forward-Looking Statement Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Contact Info: Valerie Johnson Paige CEO SourcingLink.net Inc. (SNET.PK) 27 Orchard Road Lake Forest, CA 92630 Phone: 949-328-6650 Email: Email Contact
Source: SourcingLink.net Inc.
SEATTLE, WASHINGTON--(Marketwire - Feb. 10, 2012) - VentriPoint Diagnostics Ltd. (TSX VENTURE:VPT) (PINKSHEETS: VPTDF) is pleased to announce the installation of its upgraded VMS(TM) heart analysis system at Evelina Children's Hospital, which is part of Guy's and St. Thomas' NHS Foundation Trust in London, UK.
"The VMS(TM) is non-invasive and repeatable as compared to MRI, and we are confident in the results using routine clinical scanning", stated Dr. John Simpson, Director of the Echocardiography Laboratory at Evelina. "At Evelina, all children undergoing MRI must have a general anesthetic. This is not required for the VMS(TM) and is a major improvement as we will not have to subject these children to the added complexity and risk of a general anesthetic."
The VMS(TM) procedure utilizes standard 2D ultrasound to acquire routine heart images to monitor heart function in congenital heart disease, specifically those patients born with Tetralogy of Fallot (Blue-baby Syndrome) or Systemic Right Ventricle. Published and "in-press" clinical studies have shown that VMS(TM) results are the same as MRI results, but take less time and do not require anesthesia. The patient needs to remain still for only 5 minutes as compared to 60 minutes for a MRI procedure.
"Evelina is a worldwide leading institution in pediatric cardiology. We are pleased to enable its doctors to treat their patients more quickly and conveniently, while maintaining accurate medical results," said Amol Karnick, Vice-President of Sales, Marketing and Business Development for VentriPoint.
This is the first installation of the updated version of the VMS(TM), which has passed all final testing and is now available for purchase for clinical use in Europe and Canada, but is available for research purposes only in the United States.
The incident rate of congenital heart disease in the UK is about 3.69 per 1,000 live births. Advancements in operational procedures have allowed these children to live longer and fuller lives, but still require live-long monitoring of their right ventricles. VentriPoint continues to grow and generate excitement about the VMS(TM) alternative to MRI.
About Dr. Simpson
Dr. John Simpson is a Consultant in Fetal and Paediatric Cardiology specializing in advanced echocardiographic techniques and fetal cardiology. He has been a Consultant at Guy's and St Thomas' NHS Foundation Trust in central London since 1998. Dr. Simpson is Director of Paediatric Echocardiography at the Evelina Children's Hospital which is part of Guy's and St Thomas'. He has published over 100 papers in the field of congenital heart disease and has contributed chapters to the leading textbooks of three-dimensional echocardiography, congenital echocardiography and fetal cardiology. Dr Simpson also cares for babies and children with congenital heart disease after birth.
About Evelina Children's Hospital
The Department of Congenital Heart Disease at the Evelina Children's Hospital has an international reputation in all aspects of diagnosis and treatment of patients of all age groups with heart problems from the fetus to adult life. There are approximately 6,000 patients/year under its care. The Hospital performs about 10,000 echocardiographies and electrocardiograms each year. The Paediatric Cardiology ward contains 18 beds, including four cubicles for children with infections that may need isolation, or children who need special precautions. Patients from all over the world come here to be treated for their heart condition. In the Department of Paediatric Cardiology, between 450-500 operations on congenital heart disease are carried out annually by its surgeons. Evelina Children's Hospital is part of Guy's and St Thomas' NHS Foundation Trust.
About VentriPoint Diagnostics Ltd.
VentriPoint has created a diagnostic ultrasound tool to monitor patients with heart disease, a leading cause of death in developed countries. Management believes the VMS(TM) is the first cost-effective and accurate diagnostic tool for measuring right ventricle heart function. Congenital heart disease is the first application in a suite of applications for all major heart diseases including pulmonary hypertension, cardiovascular disease and heart failure, which management believes has a multibillion-dollar market potential. Canada and Europe (CE Mark) have granted approval for the sale of VentriPoint's VMS(TM) heart analysis system and VentriPoint is pursuing the US-FDA approval through the 510(k) process.
FORWARD-LOOKING STATEMENTS: The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address VentriPoint's expectations, should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect a current view of future events and are subject to certain risks and uncertainties as contained in the Corporation's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from those anticipated in these forward-looking statements. These forward-looking statements are made as of the date of this press release and, other than as required by applicable securities laws, the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances. Although management believes that expectations are based on reasonable assumptions, no assurance can be given that these expectations will materialize.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
VentriPoint Diagnostics Ltd.
Dr. George Adams
CEO
(206) 283-0221, ext. 401
gadams@ventripoint.com
Howard Group Inc.
Peter Weichler/David Burwell
1-888-221-0915 or 403-221-0915
Peter@howardgroupinc.com
Dave@howardgroupinc.com
Source: VentriPoint Diagnostics Ltd.
TORONTO, ONTARIO -- (MARKET WIRE) -- 02/10/12 -- Advantex Marketing International Inc. ("Advantex") (CNSX: ADX), a leading specialist in merchant funding and loyalty marketing programs, today announced that its wholly-owned subsidiary, Advantex Dining Corporation, has signed an agreement, for an initial term ending December 31, 2012, with Canadian Tire Financial Services Limited, Canadian Tire Corporation, Limited and Canadian Tire Bank (collectively "Canadian Tire Group") to provide services to the Canadian Tire Group that would enable holders of the Canadian Tire Options® MasterCard® to earn additional loyalty rewards on purchases made at select merchants. For a six month period commencing January 1, 2012 the program will be operated on a pilot basis during which time the program will be focused on signing merchants in the home furnishings and grocery and food stores segments in a designated area of the Greater Toronto Area.
"We are excited with this development, as it is indicative of the recognition that Advantex is receiving for its experience and ability to manage merchant based loyalty marketing programs," said Kelly Ambrose, Advantex's Chief Executive Officer and President.
About Advantex Marketing International Inc.
Advantex is a specialist in the marketing services industry, managing white-labeled rewards accelerator programs for major affinity groups through which their members earn bonus frequent flyer miles and/or other rewards on purchases at participating merchants. Under the umbrella of each program, Advantex provides merchants with marketing, customer incentives, and additionally pre-purchase of merchants' future sales through its Advance Purchase Marketing (APM) model. Advantex partners include over 1,200 merchants; CIBC and Aeroplan. Advantex is traded on the Canadian National Stock Exchange under the symbol "ADX". For additional information on Advantex, please visit www.advantex.com.
®/" Canadian Tire Options is a registered trademark of Canadian Tire Corporation, Limited used under license.
Contacts: Advantex Marketing International Inc. Kelly Ambrose President and Chief Executive Officer 905-470-9558 ext. 280 kelly.ambrose@advantex.com www.advantex.com
Source: Advantex Marketing International Inc.
TORONTO, ONTARIO--(Marketwire - Feb. 10, 2012) - Advantex Marketing International Inc. ("Advantex") (CNSX: ADX), a leading specialist in merchant funding and loyalty marketing programs, today announced that its wholly-owned subsidiary, Advantex Dining Corporation, has signed an agreement, for an initial term ending December 31, 2012, with Canadian Tire Financial Services Limited, Canadian Tire Corporation, Limited and Canadian Tire Bank (collectively "Canadian Tire Group") to provide services to the Canadian Tire Group that would enable holders of the Canadian Tire Options(R) MasterCard(R) to earn additional loyalty rewards on purchases made at select merchants. For a six month period commencing January 1, 2012 the program will be operated on a pilot basis during which time the program will be focused on signing merchants in the home furnishings and grocery and food stores segments in a designated area of the Greater Toronto Area.
"We are excited with this development, as it is indicative of the recognition that Advantex is receiving for its experience and ability to manage merchant based loyalty marketing programs," said Kelly Ambrose, Advantex's Chief Executive Officer and President.
About Advantex Marketing International Inc.
Advantex is a specialist in the marketing services industry, managing white-labeled rewards accelerator programs for major affinity groups through which their members earn bonus frequent flyer miles and/or other rewards on purchases at participating merchants. Under the umbrella of each program, Advantex provides merchants with marketing, customer incentives, and additionally pre-purchase of merchants' future sales through its Advance Purchase Marketing (APM) model. Advantex partners include over 1,200 merchants; CIBC and Aeroplan. Advantex is traded on the Canadian National Stock Exchange under the symbol "ADX". For additional information on Advantex, please visit www.advantex.com.
(R)/(TM) Canadian Tire Options is a registered trademark of Canadian Tire Corporation, Limited used under license.
FOR FURTHER INFORMATION PLEASE CONTACT:
Advantex Marketing International Inc.
Kelly Ambrose
President and Chief Executive Officer
905-470-9558 ext. 280
kelly.ambrose@advantex.com
www.advantex.com
Source: Advantex Marketing International Inc.
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