MONTREAL, Oct. 6 /CNW Telbec/ - Mitec Telecom Inc. ("Mitec") (TSX: MTM), a leading designer and manufacturer of mobile wireless, fixed wireless, broadcast and satellite components has received subscriptions for approximately $1.5 million from several investors, including some of Mitec's largest shareholders and several directors, relating to a private placement financing of convertible debentures. This private placement is pending final approval from the Toronto Stock Exchange.
The proceeds relating to these debentures will be primarily used for repayment of $1.4 million of existing convertible debt, due for repayment this month.
The debentures are convertible into Common Shares of Mitec at $0.06 per share and bear interest at 12 percent per annum for a period of 2 years.
About Mitec Telecom Inc.
Mitec is a leading designer and provider of radio frequency (RF) products for the telecommunications and satellite communications industries, as well as a variety of other sectors. Mitec sells its products worldwide to network providers for incorporation into high-performing wireless networks used in voice and data/internet communications. Headquartered in Montreal, Canada, Mitec also operates facilities in California and China. Mitec is listed on the Toronto Stock Exchange under the symbol MTM. On-line information about Mitec is available at www.mitectelecom.com.
Certain statements in this release, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for Mitec's products, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in Mitec's public filings with the appropriate securities regulatory authorities.
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For further information: Mr. Jeffrey Mandel, Executive Chairman, and Director, Investor and Corporate Relations, (514) 694-9000, jeffrey.mandel@mitectelecom.com; Source: Mitec Telecom Inc.
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