December 24, 2001 – Long Term Debt Restructuring

maxill inc. (MIL, CDNX)

ST. THOMAS, Ontario

maxill inc. has announced today that it has paid off all of it’s Long Term Debt that was held by the Business Development Bank of Canada. The amount of such loans was in the neighborhood of $220,000. Capital to achieve these payouts to BDC was provided by the Royal Bank Financial Group who is maxill’s principle banker. maxill has no further loan facilities at BDC as of Christmas Day 2001. maxill President John Shaw states, “as part of our immediate plan to achieve sustained profitability, this LTD restructuring will enable the company to permanently reduce our borrowing costs and therefore contribute greatly to the overall bottom line earnings. We have had a stellar relationship with our many friends at the BDC and there is little doubt that the BDC Subordinated Debt facilities filled an important role in getting maxill to where it is today. Looking forward, this restructuring is important to provide additional profits and help get the company squarely in the black as soon as possible. Royal Bank Financial Group has been exceptionally helpful and supportive of the company and it’s ongoing financial requirements.”

For further information John Shaw can be reached at 519-631-7370 or at: jshaw@maxill.com

back