TORONTO, ONTARIO--(Marketwired - Oct. 17, 2013) - Advantex Marketing International Inc. (CNSX:ADX) ("Advantex") announced today that it has received approval from the requisite holders of its secured non-convertible debenture issued in May 2011 by Advantex and its secured non-convertible debenture issued in May 2011 by Advantex Dining Corporation (the Debentures), to further extend the maturity date of the Debentures to December 31, 2013, which Debentures were first extended from September 30, 2013 to October 31, 2013. Interest to December 31, 2013 will continue to accrue and be paid at the interest rate provided in the applicable Debenture.
Advantex also announced the extension of the maturity date of the warrants (the "Warrants") issued concurrently with the Debentures. The maturity date was extended from October 31, 2013 to December 31, 2013. All other terms and conditions of the Warrants remain unchanged and in full force and effect. Each Warrant continues to entitle the holder thereof to acquire one common share of Advantex at a price of $0.04.
As the extensions may constitutes a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") Advantex has relied on the financial hardship exemption from the formal valuation and minority approval requirements of such instrument. As the extension will extend the repayment of the Debentures, the board of directors of Advantex unanimously determined that the extension will improve the financial position of Advantex and that the terms of the extension are reasonable in the circumstances.
About Advantex Marketing International Inc.
Advantex is a specialist in the marketing services industry. Advantex partners with CIBC, and Aeroplan. On a combined basis, Advantex has contractual marketing access to more than five million Canadian consumers with above-average personal and household income. Advantex's merchant partner base currently consists of about 2,000 merchants operating restaurants; golf courses; independent inns, resorts and selected hotels; spas; retailers of men's and ladies fashion, footwear and accessories; retailers of sporting goods; florists and garden centres; book and newspaper stores; health and beauty centres; dry cleaners; gift stores; home décor; automotive dealers, service centers; and tire dealerships; many of which are leaders in their respective categories.
Advantex is traded on the Canadian National Stock Exchange under the symbol "ADX". For additional information on Advantex, please visit www.advantex.com.
This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the future business and operations of Advantex, including relating to the repayment of, and the payment of interest on, the Debentures. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. The business and operations of Advantex described herein is dependent on a number of factors and is subject to a number of risks and uncertainties. Factors that could cause actual results to differ materially include, but are not limited to, changes in Advantex's business including its on-going business and contractual relationships as well as general business, economic and competitive conditions relating to the industry sectors in which Advantex operates.
The statements in this news release are made as of the date of this release. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and Advantex undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.