Anthony Clark - Restructuring and Extension of US$ 1.2 Million
FSC / Press Release
Anthony Clark - Restructuring and Extension of US$ 1.2 Million Note
Calgary, Alberta CANADA, March 20, 2013 /FSC/ - Anthony Clark International Insurance Brokers Ltd. (ACL - TSX Venture, ACKBF - OTCQX), (the "Corporation") announces that the Company and the U.S. lender have agreed to the terms for restructuring the U.S. $1,200,000 note payable, whereby the existing note was cancelled and restructured for cash and a new note. Under the new promissory note, the Company will make six principal payments of U.S. $25,000 (April 15, 2013, September 1, 2013, January 2, 2014, June 1, 2014, September 1, 2014, and January 2, 2015) with the remaining balance maturing on June 1, 2015. Interest only payments at 12% per annum continue on the unpaid balance until maturity of the loan. In addition, the Company paid a US $25,000 fee to the lender related to this transaction.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information please contact:
Anthony Clark International Insurance Brokers Ltd. Tony Consalvo, C.E.O. Telephone: (403) 225-5100 Email: email@example.com
Except for the historical information contained herein, this press release contains statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statement inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, the Corporation's ability to close the proposed transaction. Other risks and uncertainties include changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation and other risk factors identified in the Corporation's public filings under "Risk Factors". The Corporation undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release.
On behalf of ANTHONY CLARK INTERNATIONAL INSURANCE BROKERS LTD.
"Tony Consalvo" Tony Consalvo, C.E.O.
To view this press release as a PDF, please click on the following link: http://www.usetdas.com/pr/anthonyclake03202013.pdf
Source: Anthony Clark International Insurance Brokers Ltd. (AC:-TSX.V) www.aclarkinsurance.com Maximum News Dissemination by FSCwire. http://www.fscwire.com
Provider ID: 00021302 -0- Mar/20/2013 16:11 GMT