MONTREAL, Aug. 8, 2006 (PRIMEZONE) -- ADSERO Corp. ("ADSERO") (OTCBB:ADSO), a North American printer cartridge re-manufacturer, today announced that it has closed the previously announced transaction with Turbon in relation to selling certain customer accounts and related inventory and fixed assets. Turbon paid an aggregate of approximately $2,800,000 of which approximately $1,920,000 reduced the outstanding balance due to Turbon under the supply credit facility between the Company and Turbon. The balance of the purchase price in the amount of approximately $880,000 was paid to National Bank of Canada to reduce our outstanding loan balance with National Bank of Canada.
The Company also announced that it has signed a term sheet, with a U.S. based fund, for a financing in the amount of $2.5 million in order to replace the current senior lender and provide working capital. The term sheet is subject to due diligence and is targeted to close on or before August 10, 2006.
In addition, the Company also announced it has signed a standstill agreement with its senior lender to extend the time to pay the loan out in full until August 11, 2006. The terms of the standstill are disclosed within the 8K filed with the SEC.
About ADSERO Corp.
ADSERO Corp. (http://www.adserocorp.com ), through its wholly owned subsidiary Teckn-O-Laser Global Company, is a North American printer cartridge re-manufacturer. The company manufactures and distributes re-manufactured toner cartridges and inkjet cartridges. These products are sold to a variety of channels such as distributors and retail office supply stores, both domestically and internationally.
The ADSERO Corp. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2199
Safe Harbor Statements
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.