GVI Security Solutions, Inc. Restructures Debt.CARROLLTON, Texas Carrollton is a city in Texas, partially in Dallas County, partially in Denton County, and partially in Collin County. As of 2005, census estimates the city's total population to be 122,699.[1] Carrollton is a suburb of Dallas. -- GVI GVI Global Vision International (UK) GVI Giga Virtual Instrument GVI Global Vegetation Index GVI Google Videos (file extension) GVI Georgia Ventures Inc. Security Solutions, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GVIS), a leading provider of video security solutions featuring the complete Samsung Electronics Samsung Electronics (SEC, Hangul:삼성전자; KSE: 005930, KSE: 005935, LSE: SMSN, LSE: SMSD) is a South Korean multinational corporation and the world's largest and leading electronics and information technology company. line of products, today announced it had entered into agreements with Laurus Master Fund Ltd. to extend the repayment period of its term and revolving loans to December 31, 2007. On October 4, 2006, GVI completed a $4.75 million private placement on terms previously announced. A final closing of a $250,000 investment on October 6, 2006 resulted in total gross proceeds from the private placement of $5.0 million. In connection with the private placement, GVI entered into an Omnibus omnibus: see bus. Amendment and Consent with Laurus, GVI's senior secured lender, pursuant to which Laurus consented to the issuance of the Convertible Notes in the private placement and agreed to amendments to GVI's loan agreements with Laurus under which: * Laurus's ability to convert GVI's debt into Common Stock has been eliminated; * The maturity date of all Laurus loans has been extended from May 24, 2007 until December 31, 2007; * All prepayment penalties Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. have been eliminated; * Monthly principal payments of $152,083 each will be due under the Term Loan for the months of January 2007 through December 2007. "Laurus has been a cooperative lender and partner while GVI has worked through its liquidity issues over the recent past and has stepped up once again by working with us to complete this funding. We can now focus on completing the turnaround of GVI and growing our core business," said Joe Restivo, CFO See Chief Financial Officer. of GVI. About GVI Security Solutions, Inc. GVI Security Solutions Inc. is a leading provider of video surveillance security solutions to the homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States , institutional and commercial market segments. 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. : Some of the statements made by GVI Security Solutions, Inc. in this press release are forward-looking in nature. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may differ materially from those expressed or implied by the statements herein. GVI Security Solutions, Inc. believes that its primary risk factors include, but are not limited to: reliance on primary supplier; effective integration of recently acquired operations and personnel; expansion risks; effective internal processes and systems; the ability to attract and retain high quality employees; changes in the overall economy; rapid change in technology; the number and size of competitors in its markets; outstanding indebtedness; law and regulatory policy; the mix of products and services offered in the company's target markets; and other factors detailed in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-KSB for the year ended December 31, 2005 currently on file, as well as the risk that projected business opportunities will fail to materialize or will be delayed. |
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