SARASOTA, Fla.--(BUSINESS WIRE)--Invisa, Inc. (OTCQB:INSA), today announced that it has entered into a series of agreements intended to provide access to additional funding and potentially create a more stable financial environment over the next several years. These transactions provide credit arrangements that the Company believes may help support ongoing business operations and potentially facilitate its goal of pursuing other business opportunities and business combinations and/or updating its technology.
The transactions announced today would:
- extend the maturity date of the Company’s Senior Secured Notes from March 31, 2015 to April 15, 2018. At December 31, 2013, the aggregate balance due under Company’s Senior Secured Notes was $1,224,060; all of the Company’s Senior Secured Notes evidence borrowings from Centurian Investors, Inc. (“Centurian”);
- modify the Company’s line of credit with Centurian to extend the maturity date from March 31, 2015 to April 15, 2018 and to expand the amount available to be borrowed under the line to $500,000; and
- amend the Designation of Rights for the Company’s authorized and outstanding preferred stock as filed with the Nevada Secretary of State to provide each Series A preferred with 3,000 votes per share, each Series B preferred with 2,500 votes per share and each Series C preferred with 100 votes per share on all matters to be voted on by the Company’s stockholders. These amendments were made in consideration for the extension of the maturity date of all outstanding Senior Secured Notes and the extension of the maturity date and expansion of the amount available under the Company’s line of credit. All outstanding shares of the Company’s preferred stock are owned of record by affiliates of Centurian and, combined with shares of common stock owned of record by affiliates of Centurian, represents voting control of the Company.
The forgoing discussion and description of agreements are subject in all respects to the actual definitive agreements, which are being filed with the Securities and Exchange Commission as part of a Form 8-K.
About Invisa: Invisa (INSA:OTCQB) manufactures and markets proprietary safety sensing products for the parking gate market under the brand name SmartGate®. Invisa’s safety system generates an invisible protective field that moves with and precedes the potentially hazardous leading edge of powered gates.
Forward Looking Statements: Statements in this press release that are not strictly historical in nature constitute “forward looking statements”. Such statements include, but are not limited to, statements about Invisa, the Company’s ability to access future funding, the future business operations and/or business opportunities and business consolidations and all potential events occurring after the date hereof. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, goals, pursuits, expectations and intentions and other statements identified by words such as “may”, “could”, “would”, “should”, “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans” or any similar expression. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results of Invisa, to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks, uncertainties, difficulties or delays related to the progress, timing, cost and terms of funding or financing and activities or the conduct of or plans regarding the Company’s present and future business activities. All forward-looking statements are qualified in their entirety by this cautionary statement and Invisa undertakes no obligation to revise or update this press release to reflect events, developments or circumstances after the date hereof.