Equus Receives $2.4 Million From Biogenic Reagents Investment
June 12 2017 - 8:30AM
Equus Total Return, Inc. (NYSE:EQS) (“Equus” or the “Company”)
today announced that it has received full payment of its senior
secured promissory note (“Note”) issued by Biogenic Reagents, LLC
(“Biogenic”), a developer and producer of high value carbon
products from renewable biomass. The Note was issued to Equus
by Biogenic on January 29, 2016 in the original principal amount of
$2.0 million as a short-term bridge loan from Equus to enable
Biogenic to further certain research and development efforts and
provide working capital. During 2016, Equus received $40,000
in cash interest in respect of the Note.
As security for repayment for the Biogenic Note, Equus held a
senior security interest in all of the tangible and intangible
assets of Biogenic, including the equity held by Biogenic in its
subsidiaries. The value of this security was appraised in
August 2016 for an amount considerably in excess of the Note.
Accordingly, as of March 31, 2017, Equus had ascribed a fair value
of $2.01 million to the Note.
On Wednesday, June 7, 2017, in connection with the liquidation
of Biogenic’s assets and repayment of the Note, Equus received $2.4
million in cash, consisting of the original principal amount of the
Note, together with approximately $407,000 in interest as accrued
thereon.
About Equus
Equus is presently a business development
company (BDC) that trades as a closed-end fund on the New York
Stock Exchange, under the symbol "EQS". Additional
information about Equus can be obtained from its website at
www.equuscap.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
regarding possible future circumstances. These forward-looking
statements are based upon the Company’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 performance of the Company, including our ability
to achieve our expected financial and business objectives, our
ability to conclude our plan of reorganization and complete the
transactions contemplated thereby, the performance of our existing
portfolio investments, the other risks and uncertainties described
herein, as well as those contained in the Company’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 Company 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
Company or any other person that the events or circumstances
described in such statements are material.
Contacts:
Patricia Baronowski
Pristine Advisers, LLC
(631) 756-2486
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