MONTREAL – Broadcast networking solutions provider AldeaVision Solutions said today that it has entered into a $900,000 demand revolving credit facility with Almiria Capital Corp., but that the money doesn’t solve its problems.
"The credit facility will bear an annual interest rate equal to the Toronto-Dominion Bank prime rate plus two percent and shall be reimbursed in full at the latest on June 16, 2008. The loan is secured by a first ranking hypothec on AldeaVision Solutions Inc.’s accounts receivable, inventory and intellectual property. The proceeds of the credit facility will be used for funding AldeaVision Solutions general operating expenses," says the press release.
"Although positive news, this new credit facility will not be sufficient to satisfy all of AldeaVision Solutions’ medium term funding needs," adds the release. "AldeaVision Solutions management continues to actively seek additional source of funding to ensure the continued operation and development of the corporation."
This infusion of funds comes about a year after the company recapitalized in another deal that was to grow the company, which didn’t pan out as hoped.
The Montreal-based company is a provider of broadcast quality video services and solutions for the television, film and media industries. It provides end-to-end worldwide transmissions services using fiber and satellite facilities. The company also operates an automated pan-American fibre-based network for broadcast services with points-of-service in 15 cities and nine countries: Miami, New York, Washington D.C, Los Angeles, Boston, Toronto, Montreal, Mexico City, Guadalajara (Mexico), Lima (Peru), Caracas (Venezuela), San Salvador (El Salvador), Rio de Janeiro (Brazil), Santiago (Chile) and Buenos Aires (Argentina).
