Business
Even Technologies - Corporate Update
Even Technologies - Corporate Update
About this update from Envirometal Technologies Inc
[{"type":"text","content":"Even Technologies - Corporate Update\n\n\n\nEven Technologies - Corporate Update\n\nVancouver, British Columbia CANADA, July 11, 2008 /FSC/ - Even Technologies Inc. (ETI - TSX Venture), (\"Even\" or the \"Company\") announces that the Company has closed effective July 7, 2008 a private placement for secured convertible debentures in the aggregate amount of US $1,500,000.00. As collateral for the debentures, the Company granted to the lenders a general security interest over all its present and after-acquired property. Interest pursuant to the debentures is payable at a rate of 12% per annum, calculated quarterly and payable quarterly in arrears commencing December 31, 2008. The debentures mature three years after issuance. Even is entitled to redeem all or a portion of each of the debentures at any time after December 31, 2008 on payment of a premium of 5% of the principal amount being redeemed. Each lender has the option to convert, at any time, all or a portion of the outstanding principal owed to such lender into common shares of the Company at a price per share of CDN $0.26. \n\nIn conjunction with the issuance of the debentures, Even issued the lenders an aggregate of 2,499,999 warrants with each warrant entitling the holder to acquire one common share of Even at a price per share of CDN $0.40 for a period of 24 months following issuance of the debentures. \n\nThe convertible debentures and the warrants and any common shares issued on conversion of the convertible debentures or the warrants will be subject to a hold period expiring November 7, 2008. Finders Fees of US $90,000.00 were paid in conjunction with the private placement.\n\nProceeds from the convertible debentures will be used for marketing, customer support, inventory and general corporate purposes. \n\nAny content, anywhere, anytime.\nFor more information, visit www.eventechnologies.com.\n\nOn Behalf of the Board of Directors:\n\n(signed) \"Nick Ringma\"\nNick Ringma\nPresident and CEO\n+1(604) 689-1858\n\nAbout Even Technologies Inc.\n\nEven Technologies is a Vancouver, Canada based company, specializing in advanced solutions for profitable IPTV delivery. Even Technologies' PSI(R) Smart Compression allows service providers to deliver standard definition video at only 750kbps and high definition video at less than 3 Mb...