[March 07, 2014] |
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Invisa Announces Financing Transaction
SARASOTA, Fla. --(Business Wire)--
Invisa, Inc. (OTCQB:INSA), today announced that it has entered into a
series of agreements intended to provide access to additional funding
and potentially create a more stable financial environment over the next
several years. These transactions provide credit arrangements that the
Company believes may help support ongoing business operations and
potentially facilitate its goal of pursuing other business opportunities
and business combinations and/or updating its technology.
The transactions announced today would:
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extend the maturity date of the Company's Senior Secured Notes from
March 31, 2015 to April 15, 2018. At December 31, 2013, the aggregate
balance due under Company's Senior Secured Notes was $1,224,060; all
of the Company's Senior Secured Notes evidence borrowings from
Centurian Investors, Inc. ("Centurian");
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modify the Company's line of credit with Centurian to extend the
maturity date from March 31, 2015 to April 15, 2018 and to expand the
amount available to be borrowed under the line to $500,000; and
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amend the Designation of Rights for the Company's authorized and
outstanding preferred stock as filed with the Nevada Secretary of
State to provide each Series A preferred with 3,000 votes per share,
each Series B preferred with 2,500 votes per share and each Series C
preferred with 10 votes per share on all matters to be voted on by
the Company's stockholders. These amendments were made in
consideration for the extension of the maturity date of all
outstanding Senior Secured Notes and the extension of the maturity
date and expansion of the amount available under the Company's line of
credit. All outstanding shares of the Company's preferred stock are
owned of record by affiliates of Centurian and, combined with shares
of common stock owned of record by affiliates of Centurian, represents
voting control of the Company.
The forgoing discussion and description of agreements are subject in all
respects to the actual definitive agreements, which are being filed with
the Securities and Exchange Commission as part of a Form 8-K.
About Invisa: Invisa
(INSA:OTCQB) manufactures and markets proprietary safety sensing
products for the parking gate market under the brand name SmartGate®.
Invisa's safety system generates an invisible protective field that
moves with and precedes the potentially hazardous leading edge of
powered gates.
Forward Looking Statements:
Statements in this press release that are not strictly historical in
nature constitute "forward looking statements". Such statements include,
but are not limited to, statements about Invisa, the Company's ability
to access future funding, the future business operations and/or business
opportunities and business consolidations and all potential events
occurring after the date hereof. Such statements may include, without
limitation, statements with respect to the Company's plans, objectives,
goals, pursuits, expectations and intentions and other statements
identified by words such as "may", "could", "would", "should",
"believes", "expects", "anticipates", "estimates", "intends", "plans" or
any similar expression. Such forward-looking statements involve known
and unknown risks, uncertainties, and other factors that may cause the
actual results of Invisa, to be materially different from historical
results or from any results expressed or implied by such forward-looking
statements. These factors include, but are not limited to, risks,
uncertainties, difficulties or delays related to the progress, timing,
cost and terms of funding or financing and activities or the conduct of
or plans regarding the Company's present and future business activities.
All forward-looking statements are qualified in their entirety by this
cautionary statement and Invisa undertakes no obligation to revise or
update this press release to reflect events, developments or
circumstances after the date hereof.
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