Equus Collects $2,604,132 from Trulite
June 30 2010 - 2:01PM
Business Wire
Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Fund”)
today announced that it has received $2,604,132.07 in cash from
Trulite, Inc. (“Trulite”) as payment in full against a certain
convertible promissory note (“Note”) issued by Trulite to the Fund
in the principal amount of $2,307,391. Trulite defaulted on the
Note in January 2010 and the Fund commenced legal action on April
22, 2010 to recover amounts owed thereunder. The Fund has cancelled
the Note in full satisfaction of payment and retains certain
warrants to acquire shares of Trulite stock that it received in
connection with the initial investment in Trulite.
“We are taking steps to collect obligations owing to the Fund in
an effort to monetize existing holdings wherever possible,” stated
John Hardy, Executive Chairman. “We are pleased that we have
recovered funds from Trulite, which will enhance the Fund’s cash
position.”
About Equus
The Fund is a business development company that trades as a
closed-end fund on the New York Stock Exchange, under the symbol
"EQS". Additional information on the Fund may be obtained from the
Fund’s website at www.equuscap.com.
This press release may contain certain forward-looking
statements regarding future circumstances. These forward-looking
statements are based upon the Fund’s current expectations and
assumptions and are subject to various risks and uncertainties that
could cause actual results to differ materially from those
contemplated in such forward-looking statements including, in
particular, the risks and uncertainties described in the Fund’s
filings with the SEC. Actual results, events, and performance may
differ. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as to the date hereof.
The Fund undertakes no obligation to release publicly any revisions
to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. The inclusion of any statement
in this release does not constitute an admission by the Fund or any
other person that the events or circumstances described in such
statements are material.
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