NEWS & INFO
News » Partial variation of cease trade order Wed Dec 15 2:44:01 UTC 2010
Calgary, Alberta – Real Time Measurements Inc. (“Real Time” or the “Corporation”) (TSX Venture Exchange – “RTY”). Mr. Terry Matthews, President and CEO of Real Time announces the Alberta Securities Commission issued an order varying the terms of a cease trade order originally issued against the Corporation on June 4, 2010 for failing to file annual audited financial statements, annual management’s discussion and analysis and certification of annual filings for the year ended 31 January 2010. The British Columbia Securities Commission issued a similar order. As a result, the Corporation is proceeding with a secured debenture financing for minimum proceeds of $500,000 and a maximum of $600,000 (the Offering). The proceeds of the loan are to be used to fund expenses associated with the preparation of delinquent continuous disclosure documents, to purchase raw materials in connection with a proposed transaction with a major Oil Company in the Middle East, and general working capital. As previously disclosed, the Corporation has won a bid for a contract to supply downhole electronic instrumentation estimated to be worth about US$1.9M to a major oil producer in the Middle East region. Please refer to the Corporation’s continuous disclosure filings on www.sedar.com and its press release dated May 31, 2010 (Stockwatch) for details of the proposed Middle East transaction.
Pursuant to the Offering, the principal and interest, being 20% per annum, are due and payable on the date of repayment of the principal. The debentures will be secured subordinated obligations of the Corporation and will be subordinate to senior secured indebtedness of the Corporation, if and when incurred. The obligation of the Corporation to pay the principal amount and interest of the debentures will be secured by a floating charge against the present and after-acquired property of the Corporation. As additional security, the Corporation shall make and assignment of a portion of the Irrevocable Letter of Credit, on a pro rata basis to each debenture holder, in an amount equal to the aggregate amount raised under the Offering.
The Corporation is still a listed issuer on the TSX Venture Exchange (TSX-V), however the Corporation’s shares are currently suspended and will not be trading on the TSX-V until such time as the company has met all the requirements of the TSX-V as set out in the TSX-V Corporate Finance Manual. Management is endeavoring to meet said requirements and completion of the Offering shall assist the Corporation in satisfying the TSX-V’s continuing listing requirements. Shareholders are advised that the securities of the Corporation will remain subject to the cease trade order until fully revoked by the Alberta Securities Commission and the British Columbia Securities Commission, and that there is no certainty that a full revocation order will ever be issued.
About Real Time Measurements Inc.
Real Time is an independent Canadian oil and gas service and manufacturing company with its head office in Calgary Alberta. The company was founded in December 1995 to exploit opportunities arising from the creative application of technological developments to solving selected oil and gas upstream measurement problems in more efficient ways. Real Time’s primary business activities revolve around the commercial development of premium quality sensor-to-desktop data gathering systems which are used primarily, although not exclusively, in oil and gas wells. The first commercial version of the technology is called Smart Drop Off (“SDO”). SDO provides customers with a secure internet based data port that links them to a high precision electronic pressure gauge downhole in a well. The SDO sensor-to-desktop system dramatically improves well test operational efficiency and quality. The company has embarked on development of a new technology platform called DataTrak. DataTrak will support future Real Time products and services. DataTrak will also be the backbone of a much improved next- generation SDO.
For more information please go to www.sedar.com, or contact:
Terry Matthews, President
Real Time Measurements Inc.
Phone: (403) 720–3444
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the information contained herein. Certain information regarding the Corporation contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements.
This news release may contain certain forward-Looking Statements. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. However, we disclaim any intention and assume no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.