Path 1 Network Technologies Secures Debt Financing
26 Abril 2006 - 9:38AM
PR Newswire (US)
SAN DIEGO, April 26 /PRNewswire-FirstCall/ -- Path 1 Network
Technologies Inc. (AMEX:PNO), a leading provider of IP video
gateway products that enable the transmission of broadcast-quality
video over IP networks, announced today that the Company has
secured up to $1.0 million in additional loans from Laurus Master
Fund, Ltd. (Laurus), a fund organized in the Cayman Islands that
specializes in providing funding to small cap companies. Path 1
drew down $916,000 upon the inception of this credit facility.
Laurus also agreed to modify payment terms on its previous term
loan agreement executed in with Path 1 in December 2005 which
amounts to a payment deferral of $303,000. "Path 1 continues to
execute its market repositioning strategy and capitalization
plans," said Tom Tullie, President and CEO of Path 1. "As
previously announced, we plan to secure additional financing that
will enable the firm to realize its full growth potential. This
growth will be driven from the leverage of Path 1's unique
technology and insights on cost effectively delivering high quality
television content over the public internet." The financing
consists of a revolving non-convertible secured credit facility of
up to $1.0 million, has a 2 year term and bears an interest rate
equal to prime plus 2.00% per annum, payable monthly in cash. In
connection with the financing, Laurus was also issued a seven year
Warrant to purchase up to 662,252 shares of Path 1 common stock at
an exercise price of $1.51 per share. Additionally, Laurus has
agreed to postpone five months of principal payments totaling
$303,000 related to the $2.1 million convertible term note issued
in December 2005. Monthly principal payments will resume in
September 2006. Path 1 will file a registration statement with the
Securities and Exchange Commission for the Company's common stock
underlying the Warrants. About Path 1 Network Technologies Inc.
Path 1 Network Technologies Inc. is the pioneer and leading
provider of video transport products that enable the conversion and
distribution of real-time, broadcast-quality video over Internet
Protocol (IP) through public and private networks. From the
delivery of live MPEG-2, MPEG-4, and VC-1 standard definition (SD)
and high definition (HD) broadcasts to video on demand (VOD), Path
1's video gateways allow broadcasters, cable, telco, satellite and
mobile operators to transmit high-quality point-to-point,
multipoint and multiplexed video across town or around the world.
To find out more about Path 1 Network Technologies Inc. (AMEX:PNO)
visit our website at http://www.path1.com/ or call 877/ONE-PATH
(663-7284). SAFE HARBOR STATEMENT: This news release contains
"forward-looking statements" that are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "future", "plan" or "planned", "will" or "should",
"expected", "anticipates", "draft", "eventually" or "projected".
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events or results to differ materially from those projected in the
forward-looking statements, including the risks that we will
require future financing, that our products might not achieve
customer or market acceptance or that they might not perform as
expected, that customer trials might not lead to future sales, that
our sales might fluctuate between reporting periods and other risks
identified in our annual report on Form 10-K and other filings with
the SEC. You should consider these factors in evaluating the
forward-looking statements included herein, and not place undue
reliance on such statements. The forward-looking statements are
made as of the date hereof and Path 1 undertakes no obligation to
update such statements. Media Contact: Investor Contact: Alice
Borda Amy Cozamanis / Lasse Glassen Sterling Communications
Financial Relations Board Office: 408-395-5500 Office: 310-854-8314
DATASOURCE: Path 1 Network Technologies Inc. CONTACT: Media, Alice
Borda of Sterling Communications, +1-408-395-5500, , for Path 1
Network Technologies Inc.; or Investors, Amy Cozamanis, , or Lasse
Glassen, , both of Financial Relations Board, +1-310-854-8314, for
Path 1 Network Technologies Inc. Web site: http://www.path1.com/
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