Insight Management Corporation Begins Debt Restructuring Activity
May 03 2012 - 4:07PM
Marketwired
Insight Management Corporation (PINKSHEETS: ISIM) has begun
restructuring its debt. The Company after negotiations with several
creditors has negotiated both cancellation and forgiveness of
approximately Three Million Eight Hundred Eighty Five Thousand
($3,885,000.00) Dollars in promissory notes and convertible
promissory notes ("Notes").
The beneficial effect of the cancelations of these Notes should
provide the ISIM Board of Directors greater ability to find
suitable candidates for merger and/or acquisition. Since most of
these Notes contain automatic conversion of common stock, the
restructuring will give the Board the control it needs to cease the
automatic dilution of the issued and outstanding common stock.
Additionally, the forgiveness and cancellation of these Notes will
reduce the debt carried on the Company's consolidated balance sheet
by nearly half, from $6.25 million dollars to approximately $2.9
million dollars.
Kevin Jasper, President and CEO of ISIM, remarked: "This
significant reduction in debt, especially the Convertible
Promissory Notes, is the result of an aggressive effort on the part
of management, legal and the Board of Directors to improve ISIM's
ability to meet its strategic goals of identifying the acquisition
of revenue generating companies that show growth potential and
profitability with a strong management team in place."
About Insight Management Corporation: ISIM is a development
stage company engaged in the merger and acquisition of revenue
generating companies either producing or engaging in clean
alternative energy projects. Its current subsidiaries, Simply
Constructed, Inc. is engaged in the business of pre-fabricated
homes and buildings with many innovative and proprietary
environmentally sound features built into the construction, and
Plant Acadia Growing, Inc., is a producer of horticultural and
agricultural products.
Safe Harbor Act: This release includes forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 that involves
risks and uncertainties including, but not limited to, the impact
of competitive products, the ability to meet customer demand, the
ability to manage growth, acquisitions of technology, equipment, or
human resources, the effect of economic business conditions, and
the ability to attract and retain skilled personnel. The Company is
not obligated to revise or update any forward-looking statements in
order to reflect events or circumstances that may arise after the
date of this release.
Contact: Insight Management Corporation
ir@insightmanagementcorp.com