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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 14, 2016) - Targeted Microwave Solutions Inc. (CSE:TMS)(OTCQX:TGTMD) -
A correction from source is issued for the news release that was disseminated Tuesday, March 8, 2016. The second paragraph has been modified for the correct currency reference. The corrected copy of the news release follows:
Targeted Microwave Solutions Inc. ("TMS") announced today that it has entered into loan agreements with Dr. James Young, the Chairman of the Board, and Satellite Overseas (Holdings) Limited, in the aggregate principal amount of US$2 million.
"We are pleased to have received these loans from our Chairman and our largest shareholder," commented Larry Siegel, the Chief Executive Officer of TMS. "With over $4 million cash on hand, we can accelerate our research and development program, while pushing forward on near-term commercial opportunities."
Each loan agreement provides for the issuance of a promissory note by TMS in the aggregate principal amount of US$1 million. The notes mature on March 8, 2018 and will accrue interest at a rate of 3% per annum, calculated semi-annually. TMS may prepay the loans in whole or in part without additional penalties, fees or charges. Closing of the loans is subject to receipt of any applicable exchange approvals.
On behalf of the Board of Directors,
Dr. James Young, Chairman of the Board of Directors
This news release contains certain statements which are, or may be deemed to be "forward-looking statements". Forward-looking statements are statements that address or discuss activities, events or developments that we expect or anticipate may occur in the future. Forward-looking statements consist of statements that are not purely historical and, in this news release, include, without limitation, statements regarding: the expected use of the proceeds of the loans. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "intends", "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements reflect the then-current expectations, beliefs, assumptions, estimates and forecasts of our management. Because forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict, our actual results, performance or achievements or the actual results or performance of the industries and markets in which we operate and intend to operate may be materially different from those anticipated in our forward-looking statements. Forward-looking statements involve significant uncertainties and risks, should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in our forward-looking statements, including the matters described in our public filings available on SEDAR at www.sedar.com. Accordingly, readers should exercise caution in relying upon our forward-looking statements and we undertake no obligation to publicly revise such statements to reflect subsequent events or circumstances, except as required by law. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.