*NEWS*ADSERO SIGNS TERM SHEET

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*NEWS*ADSERO SIGNS TERM SHEET

 user 2006-08-17 at 1:35:00 pm Views: 75
  • #16206

    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.