Real Time Measurements Inc.

Real Time Measurements Inc.

June 04, 2015 13:02 ET

Resignation of Terence J Matthews, Director and President of Real Time Measurements Inc.

CALGARY, ALBERTA--(Marketwired - June 4, 2015) - Real Time Measurements Inc. (the "Company") - The Board of Directors of the Company regret to announce, effective immediately, the resignation of Mr. Terence J Matthews from the positions of Director, CEO and President of the Company.

Mr. Matthews will remain as a salaried employee of the Company. Subject to regulatory approval, the Companies' former General Manager, Mr Lee Hayford will assume the responsibilities of CEO and President.

Trading Status

In a news release dated March 19, 2014, the Company announced that its financial statements for the years ended 2011, 2012, and 2013 had been completed. However, completion of the audit of the Company's financial results for the year ended January 31, 2014 was stalled. It is unlikely the 2014 statements, and now the 2015 statements will ready for release for at least several months. Given the delays in getting audited financial statements completed, it is impossible to predict when the Company can expect to return to full trading status on the NEX.

Next Steps

As proposed in the announcement made by the Company on March 19, 2014, the Company is continuing to explore a way to make a settlement or restructuring proposal to the holders of secured and unsecured debentures.

The Company will also continue its efforts to raise additional equity to pay interest, fund its operation and re-finance other outstanding obligations or to seek to enter into another transaction in order to seek to maximize value for all stakeholders. The company expects to engage a financial adviser or agent shortly to assist the Company in exploring strategic alternatives, including raising additional capital, exploring the sale of all or substantially all assets of the Company to reduce leverage and provide the Company with additional liquidity. If no satisfactory arrangements are finalized in the near future then the Company may consider filing a notice of intention under the Bankruptcy and Insolvency Act.

Further details about the debt restructuring will be announced if definitive terms are reached with the debenture holders. Investors are cautioned however that there is no certainty the Company's debt will be restructured or that an arrangement will be reached with debenture holders. To date the Company has only had indirect discussions with debenture holders and any agreement is subject to definitive documentation.

The Company will remain on the NEX Exchange until the Company once again meets the TSX Venture Exchange minimum listing requirements.

The Company wishes to express its thanks to all shareholders for their support and patience over the past several years.

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.

Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. However, we disclaim any intention and assume no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Mr. Lee Hayford
    President, CEO
    Real Time Measurements Inc.
    403 720 3444