FACT Corporation Provides Update on Monetization of Note Receivable; Reports Receipt of $300,000 in Cash Proceeds Since December 1, 2005.NEPTUNE Neptune, in Roman religion and mythology Neptune, in Roman religion and mythology, god of water. He was presumably an indigenous god of fertility, but in later times he was identified with the Greek Poseidon, god of the sea. , N.J. -- FACT Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCTOA), an emerging nutrition solutions company, today announced that it has received cash payments totalling $300,000 with respect to a note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. from a former subsidiary, Capital Reserve Canada Corporation (CRCL CRCL Creatinine Clearance CRCL Circle CRCL Coalition to Restore Coastal Louisiana CRCL Center for Research in Computational Linguistics CRCL Columbia River Conservation League ). In November of 2005, FACT agreed to accept consideration totalling $400,000 in cash and 500,000 free-trading shares of CRCL to settle the long-outstanding debt. Receipt of the remaining $100,000 cash balance is expected not later than March 31, 2006. "We are very pleased that this matter is being equitably resolved," said Jacqueline Danforth, 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. of FACT Corporation. "Receiving these proceeds in a timely fashion has allowed us to further reduce our corporate debt. We have also negotiated more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms with our major creditor, sharply lowering our ongoing borrowing costs." About FACT Corporation FACT Corporation develops, licenses and markets proprietary nutrition solutions through its wholly-owned subsidiaries, Food & Culinary Technology Group Inc. and FACT Products Inc. The FACT companies serve clients who manufacture, distribute and market functional food products through a variety of conventional and alternative distribution channels, including branded and private-label retail opportunities, as well as food-service and specialty markets. For more information about FACT and its products, industry trends and functional foods, please visit www.factfoods.com. |
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