EMRI News EMRISE CORP NEW Symbol U : EMRI Recent

EMRI News EMRISE CORP NEW
Symbol U : EMRI
Recent Sedar Documents 
EMRISE Makes Final Note Payment to Former Primary Lender in U.S.; Receives $275,000 Discount for Early Payoff of Note

2012-07-03 08:45 ET - News Release

DURHAM, N.C., July 3, 2012 /PRNewswire/ -- EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that on June 29, 2012, the Company made a $225,000 payment on its note with GVEC Resource IV Inc. and Private Equity Management Group LLC (PEM), its former primary lender in the U.S. As a result of the payment, EMRISE paid off the note eight months early and received a discount of $275,000 as called for in the amended terms of the note that were previously announced in February of this year.

Chairman and CEO Carmine T. Oliva said the final payoff of the note with PEM represents the achievement of another important milestone for EMRISE. "The payoff of this note puts a lengthy and very difficult situation behind us," Oliva added. "In addition to paying off the PEM note, we believe the Company has made other significant progress in implementing its turnaround strategy and is well positioned to achieve its revenue and profit goals in 2012 and beyond."

Oliva noted that as a result of the early payoff of the note with PEM, the Company expects to record a gain on the transaction in this year's second quarter ended June 30, 2012.