2018-01-05
NOVRA ANNOUNCES CLOSING OF CONTROLLING INTEREST IN WEGENER CORPORATION
Winnipeg, MB – (CNW, January 5, 2018): Novra Technologies Inc. (“Novra”) (TSX-V: NVI) announces that it has completed the acquisition of the 51% controlling interest of Wegener Corporation (“Wegener”) effective December 29, 2017, after concluding a successful debt restructuring with Wegener’s major secured creditor.
Harris Liontas, President and CEO stated, “I’m very pleased that we have closed the first phase of the two-step approach for acquiring 100% of Wegener. I am also thrilled that Wegener’s major secured creditor believes in our vision and strategy. Subject to completing the remaining 49% acquisition by December 31, 2019, the restructured debt with this secured creditor will be extended up to eight years with flexible repayment terms at a low financing cost.”
About Novra Technologies Inc.:
Novra (TSX-V: NVI) is an international technology provider of products, systems and services for the distribution of multimedia broadband content. Novra’s applications focus includes: broadcast video and radio, digital cinema, digital signage, and highly reliable data communications.
For more information visit: www.novragroup.com
Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements are generally identifiable by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “predicts”, “outlook”, “potential”, “targeted”, “plans” “possible”, “poised for”, and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. These statements are not historical facts but instead represent Novra’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Novra’s control. It is possible that actual results will differ, possibly materially, from the anticipated results contemplated by these statements. Factors that could cause actual results to differ, possibly materially, from those forward-looking statements are disclosed in our periodic MD&A filings on SEDAR at www.sedar.com.
For the above reasons, readers are cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Contact Information:
Harris Liontas
President & CEO
+1 204 989 4632
Steven Archambault
Chief Financial Officer
+1 613 596 4120 ext. 2296