Innovotech Reports Amended Terms of Line of Credit, Comments on Business Activity

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(TheNewswire)



  

Edmonton, AB – TheNewswire - July 15, 2019 - Innovotech Inc. (TSXV:IOT), is pleased to report that the 6% $100,000 working capital loan advanced by a shareholder, which is currently payable on October 22, 2019, has, by agreement, been amended to a 3-year term note maturing on July 15th, 2022.  The new terms will have a positive effect on the Company’s working capital.  These terms allow for the loan to be paid in whole or in part at any time during its period to maturity.  There was no consideration paid for the improved terms agreed with the shareholder.

The Company’s business is performing well, and the agreement to amend the debenture follows on much improved revenue in the Company’s second quarter, which, when combined with the reduced cost regimen applied in late 2018, has had an encouraging effect on cash flow.  

Second quarter results will be forthcoming during the week of August 19th, 2019.

 

Alan Savage

Director & CFO

INNOVOTECH INC.

604 220-4935

 

 This document may contain forward-looking statements that are predictive in nature and subject to risks and uncertainties that cannot be predicted or quantified; consequently, actual results may differ materially from past results and those expressed or implied by any forward-looking statements. Factors that could cause or contribute to such risks or uncertainties include, but are not limited to: the regulatory environment including the difficulty of predicting regulatory outcomes; changes in the value of the Canadian dollar; the Company’s reliance on a small number of customers including government organizations; fluctuations in operating results; government policies or actions; progress and cost of clinical trials; reliance on key strategic relationships; uncertainty related to intellectual property protection and potential costs associated with its defense; the Company’s exposure to lawsuits and other matters beyond the control of management.  Should known or unknown risks or uncertainties materialize, or should management’s assumptions prove inaccurate, actual results could vary materially from those anticipated.  The Company undertakes no obligation to publicly make or update any forward-looking statements, except as required by applicable law.

 

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

 

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