ISIM HUGE News after the bell
Insight Management Corporation Begins Debt Restructuring Activity
2012-05-03 16:07 ET - News Release
NEW YORK, NY -- (Marketwire) -- 05/03/12
Insight Management Corporation (PINKSHEETS: ISIM) has begun restructuring its debt. The Company after negotiations with several creditors has negotiated both cancellation and forgiveness of approximately Three Million Eight Hundred Eighty Five Thousand ($3,885,000.00) Dollars in promissory notes and convertible promissory notes ("Notes").
The beneficial effect of the cancelations of these Notes should provide the ISIM Board of Directors greater ability to find suitable candidates for merger and/or acquisition. Since most of these Notes contain automatic conversion of common stock, the restructuring will give the Board the control it needs to cease the automatic dilution of the issued and outstanding common stock. Additionally, the forgiveness and cancellation of these Notes will reduce the debt carried on the Company's consolidated balance sheet by nearly half, from $6.25 million dollars to approximately $2.9 million dollars.
Kevin Jasper, President and CEO of ISIM, remarked: "This significant reduction in debt, especially the Convertible Promissory Notes, is the result of an aggressive effort on the part of management, legal and the Board of Directors to improve ISIM's ability to meet its strategic goals of identifying the acquisition of revenue generating companies that show growth potential and profitability with a strong management team in place."
About Insight Management Corporation: ISIM is a development stage company engaged in the merger and acquisition of revenue generating companies either producing or engaging in clean alternative energy projects. Its current subsidiaries, Simply Constructed, Inc. is engaged in the business of pre-fabricated homes and buildings with many innovative and proprietary environmentally sound features built into the construction, and Plant Acadia Growing, Inc., is a producer of horticultural and agricultural products.
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
