ADSERO SIGNS TERM SHEET & PROVIDES UPDATE

  • 2toner1-2
  • futor_902x177v7-tonernew
  • banner-01-26-17b
  • 4toner4
  • ink-direct-banner-902-x-177-v-1-2-big-banner-03-23-2017
  • 161213_banner_futorag_902x177px
  • Print
  • mse-big-banner-new-03-17-2016-416716a-tonernews-web-banner-mse-212
  • clover-depot-intl-us-ca-email-signature-05-10-2017-902x1772
  • 05 02 2016 429716a-cig-clearchoice-banner-902x177
  • cartridgewebsite-com-big-banner-02-09-07-2016
Share

ADSERO SIGNS TERM SHEET & PROVIDES UPDATE

 user 2006-08-17 at 1:37:00 pm Views: 71
  • #16120

    ADSERO Signs Term Sheet and Provides Update
    MONTREAL,
    Aug.  2006  — ADSERO Corp.a North American printer cartridge
    re-manufacturer, today announced that it has closed the previously
    announced transaction with Turbon in relation to selling certain
    customer accounts and related inventory and fixed assets. Turbon paid
    an aggregate of approximately $2,800,000 of which approximately
    $1,920,000 reduced the outstanding balance due to Turbon under the
    supply credit facility between the Company and Turbon. The balance of
    the purchase price in the amount of approximately $880,000 was paid to
    National Bank of Canada to reduce our outstanding loan balance with
    National Bank of Canada.The Company also announced that it has signed a
    term sheet, with a U.S. based fund, for a financing in the amount of
    $2.5 million in order to replace the current senior lender and provide
    working capital. The term sheet is subject to due diligence and is
    targeted to close on or before August 10, 2006.In addition, the Company
    also announced it has signed a standstill agreement with its senior
    lender to extend the time to pay the loan out in full until August 11,
    2006. The terms of the standstill are disclosed within the 8K filed
    with the SEC.