IPC Iplayco Corporation Ltd

Iplayco Corporation Limited (TSX VENTURE:IPC) ("Iplayco" or the "Corporation")
announces that it has entered into a sales agreement of U.S. $1,750,000 to
design, manufacture and install a large indoor play structure for a corporate
customer. 


"We are very pleased to announce that we have entered into another significant
sales agreement which is adding to our very robust sales backlog. This new sales
agreement, along with the agreements of U.S. $1,752,000 and U.S. $1,358,000,
previously announced on July 26, 2011 and September 6, 2011, respectively, are
expected to favorably impact the operating results of our current fiscal year
ending September 30, 2012," said Scott Forbes, President and Director of
Iplayco.


In order to obtain this new sales agreement, the Corporation was required to
issue a performance bond of U.S. $1,444,000 to the corporate customer
("Performance Bond"). As a condition of issuance of the Performance Bond, the
Corporation was required to obtain a cash injection of CND $300,000 to secure an
irrevocable standby letter of credit in favour of the Performance Bond
underwriter. The Corporation has entered into promissory note agreements with
five of its directors, including the Corporation's Chief Executive Officer,
President, and Executive Vice-President, to borrow $300,000 at an annual
interest rate of 18.00% ("Notes Payable"). The Notes Payable are unsecured and
interest and capital are payable upon expiry of the Performance Bond. The
Performance Bond is to expire once the Corporation completes certain obligations
under its contract with the corporate customer. Management currently estimates
that the Corporation is expected to complete its obligations under this sales
agreement on or after October 31, 2012, at which time the Performance Bond would
expire and payment of interest and capital from the Notes Payable would become
due.


ON BEHALF OF THE BOARD OF DIRECTORS

Scott C. Forbes, President and Director

About Iplayco Corporation Limited

Iplayco designs, manufactures and installs customized indoor and outdoor play
structures for children. Iplayco also owns and operates a family entertainment
centre ("The Great Escape") in Langley, British Columbia. For more information,
please visit www.iplaycoltd.com. 


Cautionary Note Regarding Forward-looking Statements

This news release contains certain forward-looking statements. All statements,
other than statements of historical fact, included herein, including without
limitation statements regarding the Corporation's business, results or future
plans, are forward looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual
results to differ materially from the Corporation's expectations are disclosed
elsewhere in documents that are available to the public.

Iplayco (TSXV:IPC)
Historical Stock Chart
From Jun 2024 to Jul 2024

Iplayco (TSXV:IPC)
Historical Stock Chart
From Jul 2023 to Jul 2024