Enablence Technologies Inc. Announces Filing of its Results for the Year Ended June 30, 2014 and Additional Bridge Financing
Ottawa, Canada – October 28, 2014 – Enablence Technologies Inc. (“Enablence” or the “Company”) (TSXV: ENA), a leading supplier of optical components and subsystems for access, metro and long-haul markets, announced today it has filed its financial results for the fiscal year ended June 30, 2014. Additional information concerning the Company, including its audited consolidated financial statements and its Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) for the year ended June 30, 2014 can be found at www.sedar.com.
The Company also announced today that it expects to receive additional bridge financing (“Bridge Financing”) over the next few weeks, subject to TSX Venture Exchange approval, for a total of up to $1.5 million of which $576,000 has recently been received and additional funds under the Bridge Financing will be received in tranches. Irixi Holdings Ltd., an affiliate of China TriComm Ltd., an insider of the Company and related party within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”), will be providing this short-term, non-interest bearing, unsecured loan and is expected to be repaid by the Company on or prior to December 15, 2014 in connection with a new equity financing, subject to TSX Venture Exchange approval, the details of which have not been finalized. The three independent directors of the Company have approved the Bridge Financing unanimously and have determined that an exemption is available from the formal valuation requirements and minority shareholder approval requirements under MI 61-101. The three directors appointed by China TriComm Ltd. are affiliated within the entities that are participating in the Bridge Financing and therefore did not vote on these matters. This information is being filed less than 21 days prior to the receipt of the first tranche of the Related Party Transaction and such shorter period was necessary to permit the Company to move forward with the Bridge Financing in a timely manner.
About Enablence Technologies Inc.
Enablence is a publicly traded company that designs, manufactures and sells optical components and subsystems to a global customer base. It utilizes its patented technologies, including planar lightwave circuit (“PLC”) intellectual property, in the production of an array of photonic components and broadband subsystems that deliver a key portion of the infrastructure for current and next-generation telecommunication systems. The Company’s product lines address all three segments of optical networks: access – connecting homes and businesses to the network; metro – communication rings within large cities; and long-haul – linking cities and continents. For more information, visit www.enablence.com.
For further information contact:
Enablence Technologies Inc.
+1 613 656-2850 ext. 0
Neither 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.