Stocks & Investing
Stocks and Investing
Stocks and Investing 
Tue, July 26, 2011
Noveko International Announces Closing of Interim Financing
MONTREAL, July 26, 2011 /CNW Telbec/ - Noveko International Inc. (TSX: EKO) (the "Company") announces the closing of an interim financing in the amount of $670,000 obtained mainly from Company directors, management and insiders. This interim financing is in the form of convertible debentures and will be used for working capital purposes until closing of the $6 million financing announced earlier this week.
The debentures bear interest at an annual rate of 12% and mature on September 25, 2011. Holders shall have the right, at their sole discretion and at any time during the term, to convert, in whole or in part, the principal of the debentures into Class A shares of the Company, at a conversion price of 0.50$ per share. However, the Company shall have the right, subject to a 48-hour prior notice to holders, to redeem the debentures in advance, at par value plus accrued and unpaid interest. Holders of the debentures may then choose to exercise their conversion privilege within this 48-hour delay. All securities issued pursuant to this interim financing are subject to a four-month hold period.
Profile
Noveko International Inc. offers innovative solutions in the environmental and medical fields worldwide. Through its subsidiaries, the Company specializes primarily in the following business segments: the development, manufacturing and marketing of derivative products from its patented antimicrobial filtration technologies, mainly air filters, surgical masks and respirators, as well as other products with antibacterial properties such as hand sanitizers - and the development, manufacturing and marketing of medical equipment, primarily portable real-time ultrasound scanners for use in human and veterinary medicine.
Certain statements set forth in this press release constitute forward-looking statements. In some cases, these statements are identified by the use of terms such as "may", "could", "might", "intend", "should", "expect", "project", "plan", "believe", "estimate" or other comparable variants. These statements are based on the information available at the time they are written, on assumptions made by management and on the expectations of management, acting in good faith, regarding future events, including those relating to economic conditions, fluctuations in exchange rates and operating expenses, and the absence of unusual events entailing supplementary expenditures. Although management considers these assumptions and expectations reasonable based on the information available at the time they are written, they could prove inaccurate. Forward-looking statements are also subject, by their very nature, to known and unknown risks and uncertainties such as those related to the industry, acquisitions, labor relations, credit, key officers, supply and product liability. The actual results of Noveko International Inc. could differ materially from those indicated or underlying these forward-looking statements. The reader is therefore recommended not to unduly rely on these forward-looking statements. Forward-looking statements do not reflect the potential impact of special items, any business combination or any other transaction that may be announced or occur subsequent to the date hereof. Unless otherwise required under securities laws, the Company does not intend and undertakes no obligation to update or revise the forward-looking statements.