ALBUQUERQUE, N.M., Oct. 15, 2009 (GLOBE NEWSWIRE) -- AccessKey IP, Inc., (OTCBB:AKYI) the developer, designer and producer of advanced entertainment and communication devices, announced today that it has entered into a long term financing agreement.
Bruce Palmer, President of AccessKey IP, stated, "Under the terms of the transaction, an investment capital group is providing financing to the company utilizing company stock as collateral. The transaction provides for up to $300,000 with an annual interest at a rate of 4.99% for three years. Although these shares are actually issued, per the terms of the agreement, they represent collateral only, to be bought back at the end of the three year note term. The increase to authorized shares, recently completed, gives the company the needed 'currency' and the ability to attract creative financing opportunities."
Palmer further stated, "We are negotiating a similar transaction which will allow us to completely eliminate and replace existing notes. These notes were signed with a statement objecting to the onerous interest rates and an agreement to renegotiate, which to date has not happened. This new transaction will have an immediate impact on our balance sheet by eliminating some contingent and derivative liabilities, as well as the bottom line. Finally, this will allow the company to get out from under the legacy debt and predatory lenders we have had to deal with."
About AccessKey IP, Inc.
AccessKey IP, Inc. is a developer of cutting-edge technologies and best-of-breed products tailored to address the market opportunities created by the explosive growth of digital communications, entertainment-related services and specific consumer electronics platforms. AccessKey IP's AccessKey(TM) products, powered by the Company's patented technology, provide complete access to the coveted "Triple Play" Set Top Box (voice, video and data) and "Quadruple Play" Set Top Box (voice, video, data and wireless) offerings of cable, telecom, satellite and broadband service providers. The Company's AccessKey Home(TM) and portable flash drive-sized AccessKey PC(TM) allow subscribers to "channel surf" streaming "HD Quality" television content (IPtv), navigate the internet, watch Video on Demand (VOD) offerings, play video or internet-based games, listen to music, make phone calls (VoIP), video conference, run a full array of computing applications, securely store data and more, all from a single device and service provider network. Its wholly owned subsidiary TeknoCreations was founded to participate in the explosive growth of Consumer Electronics and Business security needs. TeknoCreations designs high quality products with attractive pricing to enhance the consumer's favorite electronics products and the expanding security needs of corporate America.
The AccessKey IP logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4945
Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of AccessKey IP, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Please visit the Company's websites www.accesskeyip.com, www.teknocreations.com