MONTREAL,
April 26, 2013 /CNW Telbec/ - Aptilon
Corporation ("Aptilon" or the "Company") (TSXV: APZ), today
announced that it had reached an agreement to reschedule payments
with one of its major lender and that it had filed its financial
reports on SEDAR.
New terms with a major lender
Under the terms of the agreement, the repayment
schedule of the promissory note, with a current outstanding amount
of approximately US $19.2 Million, issued to the vendor in
connection with the acquisition of DMD in 2009 has been modified to
provide for four stages of repayments. Stage One provides for a
payment of US $125,000 on the
15th day of each month until the earlier of the date
when a payment of US $3 Million is made to the vendor or
August 31, 2013. Stage Two
will be implemented if, and only if, the Company obtains a
financing allowing the disbursement of US $3 Million to the vendor prior to
August 31, 2013. In exchange for this
accelerated payment of US $3 Million to the vendor, the balance owed
to the vendor will be reduced to US $13 Million minus the payments received by
the vendor during Stage One. The reduced balance shall not bear
interest. During Stage Three, repayments of
US $125,000 will be paid on the
first month following the disbursement constituting Stage Two until
December 15, 2013. The
Final Stage of repayment of the reduced balance will start on
January 15, 2014 and will
last until full repayment of all amounts owed to the vendor. The
Company will pay to the vendor, on the 15th day of each
month, the higher of $125,000 or 1/12
of 35% of the annual EBITDA of the Company.
Filing of financial reports
The Company has filed on SEDAR its audited
financial statements and Management Discussion and Analysis report
("MD&A") for the year ended December 31,
2011 as well as its unaudited financial statements and
MD&A for the periods ended March 31, 2012, June 30, 2012 and September 30, 2012. Complete financial
statements and MD&A are available on SEDAR at
www.sedar.com.
Unfortunately, the Company will not be in a
position to file its financial statements and the related MD&A
for the financial year ending December 31, 2012 before the expiry of the
deadline of April 30, 2013.
Consequently, the cease trade order currently in force will likely
continue until all missing filings have been made. At this stage,
it is anticipated that the December 31,
2012 audited financial statements will be filed no later
than June 30, 2013.
About Aptilon Corporation
Aptilon enables pharmaceutical, pharmaceutical
marketing companies, digital advertising agencies and medical
device companies to effectively reach, message, connect and
interact with US physicians and healthcare professionals via
multiple access channels. Its innovative service offerings provide
targeted impressions and interactions through permission-based
email, targeted on-line ad-serving, and mobile app advertising
channels.. Top pharmaceutical companies, agencies and respected
healthcare organizations have adopted Aptilon's solutions to
target, engage and interact with leading healthcare practitioners.
For more information, visit www.dmdconnects.com
Forward-looking statements
This news release contains forward-looking
information. These statements relate to future events or future
performance and reflect management's current expectations and
assumptions. Such forward-looking statements reflect management's
current beliefs and are based on information currently available to
management of Aptilon. A number of factors could cause actual
events, performance or results to differ materially from the events
performance and results discussed in the forward-looking
statements. These forward-looking statements are made as of the
date hereof and Aptilon does not assume any obligation to update or
revise them to reflect new events or circumstances.
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.
SOURCE Aptilon Holdings