Antigua Signs Letter of Intent to Repay Creditor in Stock and Cash.Business Editors PEORIA, Ariz.--(BUSINESS WIRE)--Dec. 2, 2002 Antigua Enterprises Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:ANE) (the "company") has entered into a letter of intent with Thomas E. Dooley Thomas E. Dooley is Senior Executive Vice President and Chief Administrative Officer of Viacom. He has served at this post since September 2006, and assumed the position of Chief Financial Officer in January 2007. Mr. Jr., under which he agrees that the company may repay the approximately U.S.$4.9 million outstanding debt it owes to him by way of a combination of cash and common stock representing a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the company. "This letter of intent represents a backstop for the company if we cannot secure adequate funding from a lender or investor to repay Tom Dooley," commented Benjamin Adams Benjamin Adams (December 16, 1764-March 28, 1837) was a lawyer and politician. Benjamin was born in Mendon, Massachusetts in 1764. He graduated from Brown University in 1788, where he studied law. , the company's chairman and chief executive officer. "Although both Mr. Dooley and the company would prefer to repay his note with cash only, this letter of intent provides us with another way to resolve Mr. Dooley's debt." If the company is unable to secure funding from another source to repay Dooley, the company intends to enter into a definitive agreement with Dooley for the proposed transaction before the end of the year. Completion of any such transaction with Dooley is subject the company's receipt of all applicable regulatory and shareholder approvals, as well as Dooley approving a plan to address the remainder of the company's subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". . As a result, there can be no assurance that such proposed transaction will culminate into a final closing. "Benjamin G. Adams" ------------------------------------ Benjamin G. Adams Chairman, Board of Directors The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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