COLUMBIA, S.C., May 17, 2011 /PRNewswire/ -- CMARK International,
Inc. (OTC Pink Sheets: CMIT) a global provider of facility and
logistic support services for government and commercial
institutions has reached a tentative financial restructuring
agreement with its major senior debt holder, Trafalgar Capital
Specialized Investment Fund, Luxembourg.
The companies which have worked together since March of 2007,
have been in restructuring discussions since March 2, 2011 and have agreed in principle to a
substantial restructuring of approximately $
11,500,000 of total debt. The subsequent structure
includes conversion to $ 9,500,000 of
preferred and common stock, and more of a manageable remaining
senior debt position of approximately $2,000,000.
The terms of the new remaining debt position defer any debt
service for a minimum of 25 months, allowing CMARK the ability to
concentrate its efforts on improving its current working capital
position and strengthening its future operating platform.
Trafalgar Capital is committed to the long term success of
CMARK International and this agreement shows the confidence that
they have in CMARK.
"CMARK's overall business strategy includes providing a diverse
but cohesive product offering of facility design and support
products, and logistical products and services to The U.S. Federal
Government and prime contractors working for the federal
government," says Charles W. Jones,
Jr., president and CEO of CMARK. "This pending restructure
of its financial obligations will allow the company to improve its
financial condition and seek further refinancing."
CMARK International is a licensed architectural firm with a
history of construction and design projects for U.S. government
facilities throughout the United
States.
About CMARK International, Inc.:
CMARK International provides a wide array of facility and
logistic support services including construction, architectural
design, food service, furnishings and maintenance and operation
services with a primary focus on U.S. federal facilities. The
company operates out of its headquarters in Columbia SC, three Field support locations in
the United States and two field
support units Europe and
Asia.
As a well established Service-disabled Veteran-owned Small
Business (SDVOSB), CMARK has built a strong franchise to meet the
federal procurement opportunity represented by the Veterans
Benefits Act of 2003 (Public Law 108- 183) which requires U.S.
government agencies and prime contractors to earmark three percent
of all federal procurement dollars to high quality SDVOSB firms.
For more information, visit http://www.cmark.org.
Forward Looking Statements
Statements contained in this press release which are not
historical facts are known as forward-looking statements as that
item is defined in the Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934, and the
Private Securities Litigation Act of 1995. These forward- looking
statements are subject to risks and uncertainties, which could
cause actual results to differ materially from estimated results.
The forward- looking events and circumstances discussed in this
press release might not occur, and actual results could differ
materially from those anticipated or implied in the forward-looking
statements.
CMARK International, Inc.
CONTACT: Neha Makim
803-699-4940
SOURCE CMARK International, Inc.