19:08:09 EDT Wed 24 Apr 2024
Enter Symbol
or Name
USA
CA



NTG Clarity Networks Inc
Symbol NCI
Shares Issued 41,962,355
Close 2017-09-01 C$ 0.04
Market Cap C$ 1,678,494
Recent Sedar Documents

NTG Clarity Networks extends credit facility

2017-09-06 08:34 ET - News Release

Mr. Doren Quinton reports

NTG CLARITY NETWORKS ANNOUNCES CREDIT FACILITY EXTENSION

NTG Clarity Networks Inc. has extended the repayment requirements under the amended existing loan agreement with its primary lender for an additional six 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 Sept. 1, 2017.

Due to improvement in the company's financial and operating results for the first half of 2017, NTG Clarity has received a six-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 preshipping 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.

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