News: NTG Clarity receives demand for loan repayment NTG Clarity receives demand for loan repayment
2019-09-17 07:14 MT - News Release
Ms. Kristine Lewis reports
NTG CLARITY RECEIVES DEMAND LETTER FROM ITS LENDER
NTG Clarity Networks Inc. has received a formal demand for payment of its bank facilities. As stated in the 2018 year-end and subsequent quarterly reports, NTG is in breach of its requirements under the existing loan agreement with the bank.
The bank has formally demanded payment of the company's facilities, amounting to $7,644,350.27 and $178,088.52 (U.S.), and has requested payment in full by no later than 10 days from Sept. 16, 2019. If payment is not received, the Bank "will take such steps as it may consider necessary or appropriate to collect the indebtedness."
Management is reviewing the company's options of how to extend the loan or settle with the bank.
About NTG Clarity Networks Inc.
As a Canadian company established in 1992, NTG Clarity has delivered networking, IT and network-enabled application software solutions to network service providers and large enterprises.
We seek Safe Harbor.
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