Saratoga Electronic Solutions Inc. (TSXV:SAR) says its majority shareholder and an external lender have reached an agreement – Dominion Lending Centres Clearlease Reports
MONTREAL – (April 16, 2011) Dominion Lending Centres Clearlease Reports Saratoga Electronic Solutions Inc. (TSXV:SAR) says its majority shareholder and an external lender have reached an agreement for resolving high debt levels at Saratoga ATM, a subsidiary that operates cash machines in eastern Canada.
The Montreal-based company said Friday that Saratoga ATM was offside on debt coverage and debt-to-equity ratios under its agreements with the lender.
The announcement Friday didn’t identify either the shareholder or lender but documents filed with regulatory authorities identify Saratoga president and CEO Georges Durst as its majority shareholder.
Saratoga said Friday the lines of credit were secured by claims on all the movable property and receivables of Saratoga ATM and a $1-million personal guarantee by the shareholder.
Under an informal agreement, the shareholder will pay down the operating line of credit by $25,000 per month. The corporation will also restructure its agreement so the lines of credit will be secured by the corporation’s real-estate.
Saratoga’s board of directors has already been in discussions with various industry participants and financial organizations since October.
Besides operating automatic teller machines, Saratoga distributes prepaid cellular telephone PINs, long-distance calling cards and gift cards through its subsidiary Car-Tel Distributions.
According to its most recent financial report, Saratoga Electronic generated $43.5 million of revenue and a $304,873 loss over the nine months ended Dec. 31.
Saratoga ATM has lines of credit totalling $2 million, including $750,000 to fund the parent company’s operations and $1.25 million to fund cash placed in the ATMs.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
MONTREAL – (April 16, 2011) Dominion Lending Centres Clearlease Reports Saratoga Electronic Solutions Inc. (TSXV:SAR) says its majority shareholder and an external lender have reached an agreement for resolving high debt levels at Saratoga ATM, a subsidiary that operates cash machines in eastern Canada.
The Montreal-based company said Friday that Saratoga ATM was offside on debt coverage and debt-to-equity ratios under its agreements with the lender.
The announcement Friday didn’t identify either the shareholder or lender but documents filed with regulatory authorities identify Saratoga president and CEO Georges Durst as its majority shareholder.
Saratoga said Friday the lines of credit were secured by claims on all the movable property and receivables of Saratoga ATM and a $1-million personal guarantee by the shareholder.
Under an informal agreement, the shareholder will pay down the operating line of credit by $25,000 per month. The corporation will also restructure its agreement so the lines of credit will be secured by the corporation’s real-estate.
Saratoga’s board of directors has already been in discussions with various industry participants and financial organizations since October.
Besides operating automatic teller machines, Saratoga distributes prepaid cellular telephone PINs, long-distance calling cards and gift cards through its subsidiary Car-Tel Distributions.
According to its most recent financial report, Saratoga Electronic generated $43.5 million of revenue and a $304,873 loss over the nine months ended Dec. 31.
Saratoga ATM has lines of credit totalling $2 million, including $750,000 to fund the parent company’s operations and $1.25 million to fund cash placed in the ATMs.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###Saratoga Electronic Solutions Inc. (TSXV:SAR) says its majority shareholder and an external lender have reached an agreement – Dominion Lending Centres Clearlease Reports
MONTREAL – (April 16, 2011) Dominion Lending Centres Clearlease Reports Saratoga Electronic Solutions Inc. (TSXV:SAR) says its majority shareholder and an external lender have reached an agreement for resolving high debt levels at Saratoga ATM, a subsidiary that operates cash machines in eastern Canada.
The Montreal-based company said Friday that Saratoga ATM was offside on debt coverage and debt-to-equity ratios under its agreements with the lender.
The announcement Friday didn’t identify either the shareholder or lender but documents filed with regulatory authorities identify Saratoga president and CEO Georges Durst as its majority shareholder.
Saratoga said Friday the lines of credit were secured by claims on all the movable property and receivables of Saratoga ATM and a $1-million personal guarantee by the shareholder.
Under an informal agreement, the shareholder will pay down the operating line of credit by $25,000 per month. The corporation will also restructure its agreement so the lines of credit will be secured by the corporation’s real-estate.
Saratoga’s board of directors has already been in discussions with various industry participants and financial organizations since October.
Besides operating automatic teller machines, Saratoga distributes prepaid cellular telephone PINs, long-distance calling cards and gift cards through its subsidiary Car-Tel Distributions.
According to its most recent financial report, Saratoga Electronic generated $43.5 million of revenue and a $304,873 loss over the nine months ended Dec. 31.
Saratoga ATM has lines of credit totalling $2 million, including $750,000 to fund the parent company’s operations and $1.25 million to fund cash placed in the ATMs.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###