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
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, C.E.O.
To view this press release as a PDF, please click on the following link:
Source: Anthony Clark International Insurance Brokers Ltd. (AC:-TSX.V)
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Provider ID: 00021302
-0- Mar/20/2013 16:11 GMT
Press spacebar to pause and continue. Press esc to stop.