Mitec receives request to negotiate repayment of loans from its Chairman
Canada NewsWire
TORONTO, Sept. 18, 2015
TORONTO, Sept. 18, 2015 /CNW/ - Mitec Technologies Inc. ("Mitec") announces that Abe Schwartz, Chairman of Mitec's Board of Directors, has expressed a desire to negotiate the repayment of $1,500,000 in secured promissory notes which are repayable on demand, secured convertible debentures in the amount of $500,000, in addition to other secured and unsecured commitments totaling approximately $297,000.
"I regret to inform shareholders that delays in the execution of Mitec's business plan and a deterioration in market conditions have compelled Mr. Schwartz to exercise his rights with respect to his financial interest in Mitec", said Jeffrey Mandel, President and CEO of Mitec. "However, Mr. Schwartz has made it clear to me that his desire is to negotiate a mutually acceptable solution, if possible, in order to avoid Mitec having to seek any type of creditor protection", said Mandel.
Mitec intends to work with Mr. Schwartz in order to resolve this matter as quickly as it is able and will report back to shareholders on events as they occur.