LEVIS, QUEBEC--(Marketwire - Feb. 21, 2013) - Nuvolt Corporation Inc. ("Nuvolt" or the "Company") (TSX VENTURE:NCO) is pleased to announce the issuance of convertible debentures, in the aggregate principal amount of $1,250,000, of which $975,000 are debt conversion coming from the bridge financing concluded in August 2012. The debentures were subscribed by insiders of Nuvolt. They are guaranteed by a third hypothec on the universality of the Company's assets and bearing interest at the annual rate of 12%. They will be convertible into common shares of Nuvolt at a unit price of $0.30, for a total of 4,166,667 common shares if all debentures are converted. Principle and cumulated interest will become due on February 20, 2016.
The TSX Venture Exchange has conditionally approved the Offering and the listing for trading of the Shares issuable upon conversion of the debentures.
Moreover, Mr. Jean Lambert, President of the Board of Directors, announces an administrative reorganization. Mr. Gilles Roy becomes General Manager and CEO of the Company. Mr. Jacques Dion is President of Nuvolt and responsible for Business Development and Investors Relations.
Finally, Nuvolt informs that, on its Annual General Meeting held on December 18, 2012, shareholders voted in favor of the ratification of the Stock Options Plan, under which the maximum number of common shares to be issued has been set at 10% of the issued and outstanding shares of the Company.
About Nuvolt Corporation Inc.
Nuvolt has developed a specialized expertise in the monitoring and the management systems for electrical failures, power quality, the detection and neutralization of leakage current for the agriculture, maritime, commercial and industrial markets. SmartScan is now available to the agriculture market. The SmartScan system has the ability to predict an electrical failure on equipment and electrical networks. It could prevent equipment failures and production downtime on production assembly lines and commercial buildings and also fire risks. The ShipScan, for the maritime market, and the SmartScan Pro, for the industrial market were launched in September 2012.
Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management. You are cautioned that such statements can be subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. The reader should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. There is no guarantee that the proposed private placement can be completed on the terms described in this press release. These statements speak only as of the date they are made, and Nuvolt assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.