Repaid debt
June 12 2007 - 2:03AM
UK Regulatory
RNS Number:1814Y
Citel PLC
12 June 2007
Citel plc Extinguishes Debt Early
Citel plc ("Citel") is pleased to announce that it has repaid debt of USD 2.20
million in exchange for USD 1.88 million in cash and 62,424 Citel plc Ordinary
Shares, which at the time of payment had an aggregate market value of
approximately USD 70,000. The debt was incurred in purchasing substantially all
the assets, together with certain liabilities, of the MCK Communications
division of Verso Technologies Inc. on 21 January 2005. The outstanding debt was
carrying interest at 6% and was due to be repaid in full by 21 January 2008. As
a result of this early repayment, Citel will have extinguished all debt and a
gain of approximately USD 230,000 will be recognized immediately. Application
will made for the 62,424 Ordinary Shares, which will rank pari passu in all
respects with existing Ordinary Shares, to be admitted to trading.
Citel will announce financial and operating results for the 12 months ended 31
March 2007 on 17 July 2007.
About Citel plc.
Citel enables SMBs, large enterprises and service providers to realize the cost
and productivity benefits of IP telephony while at the same time leveraging
their existing PBX infrastructure. Businesses with single or distributed
locations and PBX vendors can now deploy next-generation IP applications and
services at their own pace, with little business disruption. Service providers
can deploy hosted IP telephony services quickly, without having to "rip and
replace" existing enterprise PBX handsets and LAN cabling. Citel is a publicly
traded company with corporate headquarters in Seattle, and development offices
in Calgary, Alberta (Canada) and Nottingham, England (UK). For more information,
visit www.citel.com.
The contents of this Press Release may contain forward-looking statements which
can be generally identified as such because the context of the statement will
include the words such as Citel plc "expects", "should", "believes",
"anticipates" or words of similar import. Such forward looking statements are
subject to certain risks and uncertainties including the financial performance
of Citel plc which could cause actual results, performance or achievements of
Citel plc to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking statements.
This Press Release does not constitute or form any part of any offer or
invitation to sell or issue or any solicitation of any offer to purchase or
subscribe for any securities in any jurisdiction, nor shall it (or any part of
it) or the fact of its distribution form the basis of, or be relied upon in
connection with, or act as any inducement to enter into, any contract or
commitment therefore".
# # # #
Copyright 2007, Citel plc. All Rights Reserved. Citel, Portico, TVA, and The
VoIP Migration Company are either trademarks or registered trademarks of Citel.
All other product and company names mentioned herein may be trademarks of their
respective owners.
Further Information
Cardew Group Tim Robertson 020 7930 0777 M: 07900 927 650
Shan Shan Willenbrock
David Roach
This information is provided by RNS
The company news service from the London Stock Exchange
END
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