February 21, 2006 – maxill announces Long Term Debt Financing
maxill inc. of St. Thomas announces that it has closed a multi-year financing provision with private capital firm SMIC. The financing arrangement has a total aggregate value of Cdn $11,300,000 consisting of a series of Retractable Preference Shares, Convertible Debt Options and a Capital Asset Recompense.
The finance package consists of $6,500,000 in Redeemable Preferred Shares for which chronologies to 2012 are set forth and contain predetermined redemption provisions on forward redemption thresholds.
A $4,800,000 Convertible Debt and Capital Asset pool are available to maxill during the lifetime of the agreement and have various staged and optional conversion rates on maxill Common Shares.
SMIC Partner and Director Mr. Alfred Monderas comments; “Our firm is pleased to be a financial partner with a known and successful entrepreneurial firm such as maxill. maxill has shown consistent positive growth, fiscal prudence and has completely reinvested itself back into its business model, customers and product R&D. We are confident that the maxill at the end of our financing agreement will little resemble the present day enterprise in a most positive way for everyone involved.”
maxill Founder and President John Shaw states; “The agreement with SMIC enables maxill to complete it’s multi-year investment in emerging and cutting edge technologies in surface disinfection and sterilization efficacies that we commenced in 2000. SMIC brings to maxill financing capabilities and an in-depth industry understanding, support and discernment that would otherwise be hard to duplicate with our normal financing instruments. Our future financing requirements based on our forecast of capital investment into the business is eliminated with this agreement. This frees maxill management to further focus on products, expansion and customer service.”
maxill inc. is an Ontario jurisdiction, reporting issuer, public company.