TORONTO, Sept. 18, 2015 /CNW/ - Mitec Technologies Inc.
("Mitec") announces that Abe
Schwartz, Chairman of Mitec's Board of Directors, has
expressed a desire to negotiate the repayment of $1,500,000 in secured promissory notes which are
repayable on demand, secured convertible debentures in the amount
of $500,000, in addition to other
secured and unsecured commitments totaling approximately
$297,000.
"I regret to inform shareholders that delays in the execution of
Mitec's business plan and a deterioration in market conditions have
compelled Mr. Schwartz to exercise his rights with respect to his
financial interest in Mitec", said Jeffrey
Mandel, President and CEO of Mitec. "However, Mr. Schwartz
has made it clear to me that his desire is to negotiate a mutually
acceptable solution, if possible, in order to avoid Mitec having to
seek any type of creditor protection", said Mandel.
Mitec intends to work with Mr. Schwartz in order to resolve this
matter as quickly as it is able and will report back to
shareholders on events as they occur.
This news release contains forward-looking statements which
reflect Mitec's current expectations regarding future events. The
forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "plan, "estimate",
"expect", "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. These forward-looking statements involve risk
and uncertainties, including the difficulty in predicting product
approvals, acceptance of and demands for new products, the impact
of the products and pricing strategies of competitors, delays in
developing and launching new products, the regulatory environment,
fluctuations in operating results and other risks, any of which
could cause results, performance, or achievements to differ
materially from the results discussed or implied in the
forward-looking statements. Many risks are inherent in the
industry; others are more specific to Mitec. Investors should
consult Mitec's ongoing quarterly filings for additional
information on risks and uncertainties relating to these
forward-looking statements. Investors should not place undue
reliance on any forward-looking statements. Mitec assumes no
obligation to update or alter any forward-looking statements
whether as a result of new information, further events or
otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
The Company seeks safe harbor.
SOURCE Mitec Technologies Inc.