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NTG Clarity Networks Announces Credit Facility Extension
Toronto, ON / TNW-Accesswire / September 6, 2017 / NTG Clarity Networks Inc. (TSX.V:NCI), a world leader in the telecommunications OSS/BSS market, is pleased to announce that the Company has extended the repayment requirements under the Amended Existing Loan Agreement with its primary lender for an additional 6 months.
As previously announced, as of June 30, 2017, NTG Clarity was in violation of its margin requirements under its Existing Loan Agreement in the amount of $2,241,890. This excess amount was renegotiated under an Amended Existing Loan Agreement which would have required NTG Clarity to pay down this amount on or before September 1, 2017.
Due to improvement in the Company’s financial and operating results for the first half of 2017, NTG Clarity has received a 6 month extension from its primary lender with an expiry date of March 1, 2018. Pursuant to the credit facility extension, NTG Clarity is required to make a $50,000 repayment at the end of each month. All other terms of the Amended Loan Agreement and the existing demand credit facility and pre-shipping facility remain the same.
Management remains committed to bringing NTG Clarity back to profitability in 2017 and is confident that the Company can meet the amended repayment schedule and keep the Corporation in good standing with its lending institution.
About NTG Clarity Networks Inc.
NTG Clarity Networks’ vision is to be a global leader in providing networking solutions. As a Canadian company established in 1992, NTG Clarity has delivered networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 300 network professionals provide design, engineering, implementation, software development and security expertise to the industry’s leading network service providers and enterprises.
Forward Looking Information
Certain statements in this release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward looking statements should circumstances or management's estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.