Epic Data International Inc.

Epic Data International Inc.

February 03, 2011 17:00 ET

Epic Data International Announces $2 Million Loan Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2011) - Epic Data International Inc. (TSX VENTURE:EKD), a provider of manufacturing operations management solutions, today announced that it has entered into a C$2 million loan transaction with North-America Vanstar Investments Ltd. (the "Lender"). The proceeds of the loan will be used to support the Company's sales and marketing operations, and development of research and development facilities in China.

The principal amount of the loan is repayable in five years and will bear interest at the rate of 5% per annum, compounded daily and payable semi-annually. In connection with this loan, and subject to the approval of the TSX Venture Exchange (the "Exchange"), the Company intends to grant security for the loan and issue warrants (the "Warrants") that will entitle the Lender to purchase, until the earlier of five years following the closing date of the transaction or repayment of the loan in full, up to an aggregate of 500,000 common shares of the Company. The exercise price of the Warrants will be equal to the last closing price of the Company's common shares traded on the Exchange prior to the execution date of the loan agreement. The granting of security is subject to the approval by the Exchange and the Company's shareholders, as the Lender is a related party of the Company due to its share ownership in the Company and the recent appointment of its president to the Company's Board of Directors.

The Company will issue a news release to provide further updates to its shareholders upon the closing of the loan transaction.

About Epic Data International Inc.

Epic Data International Inc. is a Canadian-based provider of manufacturing operations management, real-time manufacturing operations management and warehouse management solutions. For over 35 years Epic Data has delivered real-time data collection and production information to the world's most progressive discrete manufacturers through turnkey data collection, warehouse management and lean manufacturing operations management solutions. Defense contractors, aerospace, automotive, high technology and industrial equipment & machinery manufacturers, employ Epic Data solutions to optimize the ROI of their manufacturing IT infrastructure investments and operations by increasing plant productivity, materials visibility and production velocity. Customers include Lockheed Martin, Bell Helicopter, Komatsu, Bombardier Learjet, CAE Inc., Kingfisher (B&Q) plc, Joy Mining Machinery, Cobham Defence Communications Ltd., GE Aircraft Engine, Contour Premium Aircraft Seating, McBride plc, Phoenix Contact, Rolls-Royce and Volvo. 

For more information about Epic Data please visit our website at www.epicdata.com.

Caution Regarding Forward-looking Statements

Certain information in this news release may contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements, including but not limited to those with respect to future business in China that may be developed through the expenditure of the loan proceeds, relate to uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Epic Data International Inc.
    Robert Nygren
    President & CEO