CALGARY, ALBERTA--(Marketwired - July 9, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
DIRTT Environmental Solutions Ltd. ("DIRTT" or the "Company") (TSX:DRT) is pleased to announce it is has converted US$5,047,634.46 principal amount of its 14% senior subordinated convertible notes ("Notes"), including accrued interest, held by Kayne Anderson Mezzanine Partners QP, L.P., Kayne Anderson Mezzanine Partners L.P. and KAMPO US, LP, into an aggregate of 2,380,006 common shares ("Shares"). The Notes were converted into Shares at a conversion rate of 472 Shares per US$1,000 principal amount of Notes. As a result of the conversion, no Notes remain outstanding.
"The conversion of the remaining piece of the convertible notes held by Kayne strengthens our balance sheet, reduces interest expense and is a further positive step in our post IPO capital strategy," says DIRTT CEO Mogens Smed, commenting on the conversion. "The Kayne notes were an important piece of our pre-IPO capital structure and our current momentum has afforded us the ability to convert these notes to common shares."
ABOUT DIRTT
DIRTT Environmental Solutions (Doing It Right This Time) uses its proprietary 3D software to design, manufacture and install fully customized prefab interiors. DIRTT customers in the corporate, government, education and healthcare sectors benefit from the Company's precise design and costing; rapid lead times with the highest levels of customization and flexibility; and faster, cleaner construction.
To find out more about DIRTT (TSX:DRT) please visit our website www.dirtt.net or contact us at ir@dirtt.net.