Stocks & Investing
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Thu, August 11, 2011
Enssolutions Group Inc. announces update regarding debenture
TORONTO, Aug. 11, 2011 /CNW/ - Enssolutions Group Inc. (TSXV: ENV) ("Enssolutions" or the "Corporation") reports that it has received a notice from the holder of a debenture having a principal amount outstanding of $185,000 (the "Debenture") that it considers Enssolutions to have defaulted on its obligations under the Debenture. The holder of the Debenture has demanded repayment of all principal and interest due under the Debenture.
The Debenture was originally issued as part of a secured debt financing on October 30, 2008. The Debenture bears interest at 15% per annum, with interest payable semi-annually (on June 30 and December 31).
Enssolutions failed to make a recent interest payment of $13,875, and has now received a default notice from the holder of the Debenture.
Enssolutions continues to work towards making the interest payment that is now past due and otherwise returning the Debenture to good standing. Management continues to pursue other corporate financing transactions in an effort to satisfy the principal payment on the Debenture which is currently due on October 30, 2011. No assurance can be provided financing will be obtained to satisfy the outstanding principal.
About Enssolutions Group Inc.
The Corporation, with production facilities in Hamilton, Ontario and Phoenix, Arizona, services some of North American's largest mining, steel, cement, and road construction/maintenance companies as well as numerous public road authorities. The Corporation provides engineered environmental solutions for mine tailings control, process dust and erosion control, granular stabilization, road construction/maintenance and stockpile sealing.
The Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information on the Corporation, please visit [ www.enssolutions.com ].