T & G2 Enters into a Debt Financing for $2,600,000
BERNARDSVILLE, NEW JERSEY, Jan 21, 2004 (CCNMatthews via COMTEX) -- T & G2 (OTCBB Symbol: TTGG) announced today that it has entered into a debt financing for $2,600,000. The financing contract was signed last week and is to pay approximately $217,000 per month for the next 12 months.
This financing is a pure debt instrument where TTGG will pay interest only for the first 12 months while the financing is being completed. T & G2 will also pay interest only during the second year. During years 3, 4 and 5, T & G2 will pay principal and interest according to an amortization schedule. Interest, at a floating rate, paid will be at Libor plus 4% with a minimum interest rate of 4.5% and a maximum interest of 10%.
Collateral for the loan is a series B Preferred that will be returned upon full payment of the loan. With full payment of all obligations, all collateral stock will be returned making this a non-dilutive financing. T & G2 is preparing an 8-K and will file with the SEC as required.
James M. Farinella, President of T & G2, stated, "This is a tremendous financing arrangement that we have entered into. It allows the Company to expand its marketing and distribution efforts. Additionally, the financing will quicken in the process of expanding overseas. I am delighted that this group felt strong enough about our prospects to invest in our future."
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by T & G2 (TTGG) may differ materially from these statement due to a number of factors. TTGG assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.
Volumen ist in Ordnung, nur über 0,16$ sollte es doch langsam mal gehen! :-(
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