TORONTO, ONTARIO--(Marketwire - Dec. 9, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Tenth Power Technologies Corp. (TSX VENTURE:TPI) (the "Company" or "Tenth Power") announced today that it is seeking the approval of the TSX Venture Exchange to amend and replace its three (3) previously issued convertible debentures (the "Debentures") of Tenth Power. The Company is seeking to restructure the Debentures in order to streamline their terms such that the revised debentures will have the same maturity date, coupon rate and conversion price.
The Company plans to amend or replace the Debentures with debentures of an aggregate face value of $1,593,676, maturing on October 31, 2014, having a coupon rate of 7% per annum and fixed new conversion price of $0.10. The replacement debentures will be unsecured obligations of Tenth Power. Interest payments will be due semi-annually on April 30 and October 31.
The restructuring of the Debentures, if approved, will allow the Company to simply the management and competiveness of the new debentures going forward.
ABOUT TENTH POWER TECHNOLOGIES CORP.
Tenth Power is a Canadian based technology and solutions company. The Company provides bio identity technology, work flow and resource management platforms, secure information transfer technology and innovative product development in integration services. The Company's products and services are currently being delivered in the Government and manufacturing sectors and are being prepared for the financial services and health care markets.
Neither 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:
John Ng
(647) 300-4686