Mississauga, Ontario (FSCwire) - Armada Data Corporation (TSX.V: ARD) (the “Company” or “Armada”) hereby announces that it has entered into a loan agreement with a corporation that is owned and controlled by a Director and Officer of the Company.
The total amount of the loan (the “Loan”) of $100,000 has been advanced to the Company. As security for the Loan, a general security agreement was entered into with the lender and a promissory note was executed. The Loan bears interest at twelve percent (12%) per annum calculated and payable monthly. The maturity date of the Loan is January 30, 2017.
The Company intends to use the proceeds from the Loan for working capital and general corporate purposes, and intends to service and repay the Loan from operating cash flows.
About Armada Data Corporation
Armada is a Canadian publicly traded Information & Marketing Services Company providing accurate and real-time data to institutional and retail customers, through developing, owning and operating automotive pricing-related web sites and providing information technology and marketing services to its clients. Armada’s information and marketing abilities have enabled the company to leverage that experience into the food and beverage industry by its acquisition of 90% of the issued and outstanding shares of The Big & Easy Bottle Brewing Company Inc. The Big & Easy Bottle Brewing Company Inc. owns 100% of Mister Beer Inc., which invented, produces and markets the unique “microbrewery in a bottle” beer-making kit.
Armada shares are listed on the TSX Venture Exchange under the trading Symbol ARD. Armada currently has a total of 17,670,265 shares outstanding.
Additional information relating to Armada Data Corporation is filed on SEDAR, and can be viewed at www.sedar.com.
For further information, please contact:
Armada Data Corporation
Mr. James Matthews, Chief Executive Officer
Email: investors@armadadata.com
This news release may contain forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are based on estimates and assumptions made by Armada in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors Armada believes are appropriate. Many factors could cause the actual results to differ materially from those expressed or implied by the forward-looking statements. The intended use of the net proceeds of the loan by Armada may change if the board of directors of Armada determines that it would be in the best interests of Armada to deploy the proceeds for some other purpose. Readers should not place undue reliance on Armada’s forward-looking statements. Armada undertakes no obligation to update or revise any forward-looking information, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/armada12052014.pdfSource: Armada Data Corporation (TSX Venture:ARD) http://www.armadadatacorp.ca
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2014 Filing Services Canada Inc.