Creative Vistas Secures $8.25 Million USD Re-financing.WHITBY, Ontario Whitby (2006 population 111 184) is a town located east of Toronto on the north shore of Lake Ontario, and is the seat of Durham Region, Ontario, Canada. History -- Creative Vistas, Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CVAS CVAS Controlled Vehicle Access System CVAS Configuration Verification Accounting System (NASA) ) announced today that it has raised an aggregate of $8.25 Million USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. in a 3 year Term Note from Laurus Master Fund, Ltd. ("Laurus Funds"), a New York-based institutional investment fund that specializes in providing financing to small and micro-capitalization companies. The majority of the proceeds will be used to redeem the $7.5 Million USD Secured Convertible Term Note originally entered to in 2004. The new note is not convertible and carries a principal postponement for one year. The details of the transaction are available in CVAS' 8-K filing with the US Securities and Exchange Commission. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Sayan Navaratnam of Creative Vistas, Inc. said, "This Non-Convertible Term Note financing combined with the redemption of our original Convertible Note has significantly reduced equity dilution. We are pleased to have completed this important strategic step with Laurus Master Fund and look forward to continuing to execute our growth plan." More information about Creative Vistas Inc. and its subsidiaries is available at www.actechnical.com; www.iviewsolutions.com; www.cancable.com; www.dependableit.com Creative Vistas, Inc. is a leading provider of advanced security and surveillance products and solutions. It also provisions the deployment and servicing of broadband technologies broadband technology Telecommunications devices, lines, or technologies that allow communication over a wide band of frequencies, and especially over a range of frequencies divided into multiple independent channels for the simultaneous transmission of different signals. to the commercial and residential market. It primarily operates through its wholly-owned subsidiaries AC Technical Systems Ltd and Iview Digital Video Solutions Inc, to provide integrated electronic security and surveillance systems and technologies. It provides its systems to various high profile clients including: Government, School Boards, Retail Outlets, Banks, and Hospitals. The Company operates through its subsidiary Cancable Inc. to provision the deployment of broadband technologies to the commercial and residential market. The Company has offices in Ontario, Canada. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company's actual results could differ materially from expected results for reasons described from time to time in the Company's public filings. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion