Asked Spyros to clarify Ralph Garcia's debt deal comments Here's his reply...
As stated in our update Q3 release when management has an event, result etc. with regards to our Corporate structure we will notify the market in a timely manner. We gave an explanation our Q3 release last week with regards to our Corporate structure efforts, which I have added for you. At this point in time our efforts are solely concentrated our efforts on the Capital Structure, as stated above we will inform the market in due course. With regards terms and covenants from our Lender we are not able to disclose this information at this time. As this information is non-disclosed public information that has not at all been disseminated to the markets.
This paragraph was from our Q3 results regarding our capital Structure: Tangelo’s management team is focused on its obligations to its lender, Third Eye Capital Corporation (“TEC”), including its requirement to make certain payments by the end of 2016. While the Company is not yet in a position to provide a definitive update, management anticipates a positive resolution of its obligations to its lenders before the end of the year.
Tangelo’s management has a transparent, collaborative relationship with TEC with whom it communicates regularly regarding its business, its prospects, and its strategic alternatives. Management is in specific discussions with a number of parties regarding potential strategic and financial transactions, and is evaluating these opportunities in partnership with TEC as a top priority.
We would also like to note that TEC is in fact the Company’s largest financial sponsor by a wide margin, and TEC has been supportive of the Company throughout its history, and continues to be supportive of the business and shares management's vision of building a larger, more competitive and geographically diversified social casino business that leverages best practices in product, marketing, and systems.
Regards
Spyros
Spyros P. Karellas
President & CEO
Pinnacle Capital Markets LTD.
Phone Number:
416-433-5696
Skype: spyros.karellas
Website:
www.pinnaclecapitalmarkets.ca
Email: