CMARK International Inc. and Senior Debt Holder Complete Debt and Equity Restructure
February 12 2013 - 8:52AM
CMARK International, Inc. (OTC Pink Sheets: CMIT), a global
provider of facility and logistic support services for government
and commercial institutions, has completed a second
and substantial 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 completed a substantial restructuring of all
existing financial obligations to a final amount of $2,500,000 of
total debt as well as final conversion of any and all common stock
options from approximately $9,500,000 of options at December 31,
2012 market price, in exchange for 33,000,000 common shares from a
combination of new issuance and transfer from existing
shareholders. All have been delivered.
In addition, the company amended its articles of incorporation
and reduced its authorized issuance of common stock from
500,000,000 to 250,000,000.
The terms of the new remaining debt position further defers any
debt service to January of 2015 continuing to allow 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 continues to include
providing a diverse but cohesive product platform offering of
facility design and support products, as well as logistical
products and services to The U.S. Federal
Government marketplace , as well as a more substantial
growth effort into the private sector," says Charles W. Jones, Jr.,
president and CEO of CMARK. The company will continue to put
emphasis on product development, private branding,
marketing, management services, and the respective revenue
from these efforts.
"This very significant secondary restructure of its financial
obligations, elimination of any and all options and warrants,
and the reduction of authorized common stock issuance
allows the company the necessary tools to try to improve its
financial condition, substantially limit dilution, better
utilize an approximate $20,000,000 net operating loss (NOL)
carry forward, and overall give the company a much better
ability to seek further refinancing, better attempt to
work with existing vendors as well as increasing to position the
company for any merger or acquisition
opportunities."
About CMARK International, Inc.:
CMARK International, Inc. is a licensed architectural firm with
a history since June of 2000, of providing 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 with other
field support locations in the United States, Europe, and Asia.
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.
CONTACT: Jamey Smith, Trinity Media Group Inc.
386-259-4094
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