TORONTO, ONTARIO--(Marketwire - Sept. 11, 2012) - The Futura Loyalty Group Inc. (TSX VENTURE:FUT) ("Futura" or the "Company") announced today that it is continuing discussions with various debtholders relating to the conversion of their debt into shares in the capital of the Company or in some cases, extension of the maturity dates of their debt. Discussions are ongoing, however, as at September 10, 2012, debtholders holding a principal amount of $1,972,000 of the Company's total principal amount outstanding of $5,143,590 have agreed to convert their debt into shares in the capital of the Company subject to the Company completing a consolidation of its shares which was approved by shareholders at the Company's most recent shareholder meeting. There is no assurance that such consolidation will be completed and the board of directors has no current intention to effect a consolidation. The board of directors will determine the timing or necessity of a consolidation based on its ongoing fundraising efforts and market conditions and any consolidation will be subject to receiving any required regulatory approvals at the time of such proposed consolidation. The Company is in discussions with subordinated debtholders holding a principal amount of $471,463 and having a maturity of August 31, 2012, but no arrangements have been made as of the date hereof. Futura will keep shareholders apprised of new developments relating to these matters as negotiations are settled.
About The Futura Loyalty Group
The Futura Loyalty Group Inc. is an industry-leading provider of integrated and stand-alone loyalty solutions for Canadian and American businesses. The company offers a comprehensive suite of loyalty products and services including access to Aeroplan in Canada and four top frequent flyer programs in the United States. Futura also develops custom programs for companies wishing to develop proprietary loyalty solutions. Futura's loyalty services include member account set up, management and reward redemption platform, a web-based program transaction reporting interface for merchants, a robust offer management system, retail POS Integration for card swipe issuance, loyalty analytics and a proprietary web based reward issuance solution. For more information regarding The Futura Loyalty Group, visit www.tflg.ca or www.futuraloyaltygroup.com.
This news release includes certain forward-looking information that is based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking information, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "will", "may", "should", "could", and similar expressions to the extent they relate to the Company or its management. The forward looking information is not historical facts, but reflects the Company's current expectations regarding future results or events. Forward-looking information is subject to a number of risks, uncertainties and assumptions that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in general economic and market conditions; changes to regulations affecting the Company's activities; level of merchant participation in the Company's programs; uncertainties relating to the availability and costs of financing needed in the future; and other factors, including without limitation, those listed under "Economic Dependence" and "Risks and Uncertainties" in MD&A for the three and twelve month periods ended December 31, 2011.
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.