AldeaVision gets $900,000 but still faces cash crunch

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,"...