WASHINGTON, DC--(Marketwired - Dec 31, 2013) - ePals Corporation ( TSX VENTURE : SLN ) ("ePals" or the "Company") announces that its wholly-owned subsidiary ePals, Inc. (a Delaware corporation) has amended the terms of its existing revolving promissory note (the "Note") with ZG Ventures, LLC ("ZG") and an affiliate of ZG. Under the prior terms of the Note, ePals, Inc. was entitled to borrow up to a maximum of US$3,000,000 and payment of all outstanding principal and interest was due December 31, 2013. The Note has been amended to extend the repayment date to June 30, 2014 and to reduce the amount that may be borrowed and outstanding from time to time to a maximum of US$1,500,000. All other terms of the Note remain unchanged including that interest accrues on any unpaid balance at a rate of one percent (1.00%) per annum.
The amendment to the loan described above is not subject to the valuation requirement of Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions ("MI 61-101") and is exempt from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(f) of MI 61-101.
About ePals Corporation
ePals Corporation ( TSX VENTURE : SLN ) is an education media company and a leading Global Learning Network. Focused on the K-12 market, ePals offers school administrators, teachers, students and parents worldwide trusted content, interactive learning experiences, and a collaborative learning community. ePals' award-winning products include: popular children's educational publishing brands from toddlers to teens, including Cricket® and Cobblestone®; the ePals Global Community®; and In2Books®, a common core eMentoring program that builds reading, writing and critical thinking skills. ePals also offers SchoolMail365 and has recently launched ToolsforSchool.com, a teaching resource marketplace connecting educators to original, classroom-tested content. Also new is a full service content-licensing, clearance and production service for education publishers. ePals serves approximately 1 million classrooms and reaches millions of teachers, students and parents in approximately 190 countries and territories. Product websites include: www.ePals.com; www.Cricketmag.com; www.In2Books.com; and www.ToolsforSchool.com. Corporate information is available at www.corp.ePals.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive therefrom. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.