Tasty Baking Company (NasdaqGM:TSTY) announced recently that it reached agreement for new public and private debt financing comprised of $2 million from the PIDC Local Development Corporation (“PIDC”), $1 million from the Department of Community and Economic Development of Pennsylvania (“DCED”) and $3.5 million from a group of accredited investors. Additionally, the Company entered into an amendment to its Credit Agreement with its bank group led by Citizens Bank pursuant to which the bank group agreed to defer until June 30, 2011 all principal payments and credit facility reductions.
This amendment also waived certain defaults, changed the maturity date to June 30, 2011, amended certain financial covenants and established additional covenants, including, among other things, imposing until June 30, 2011 minimum cash balances and prohibiting the payment of any dividends on Tasty Baking Company’s common stock. It also requires Tasty Baking Company pursue consummating the sale or merger of Tasty Baking Company by June 30, 2011. In addition, the lenders for Tasty Baking Company's loans from the PIDC and DCED, along with the landlords for Tasty Baking Company's leases at the new bakery and its office headquarters in Philadelphia, have also agreed to defer until June 30, 2011 certain payments due under their loans and leases.
Charles P. Pizzi, president and chief executive officer of Tasty Baking Company, said, “We are pleased that we have secured this new financing and the amendments. We believe that the new funds will enable the Company to manage cash flow and deal with its tight liquidity situation as the Company continues its evaluation of possible financial and strategic alternatives which, in addition to a possible sale or merger of the Company, include the possibility of refinancing the Company’s long term debt or raising additional capital. As we pursue our options, we remain focused on operational efficiencies, growing the business and continuing to produce, distribute and sell Tastykake products to our customers and consumers.”
Tasty Baking Company, founded in 1914 and headquartered in Philadelphia, Pennsylvania, is one of the country’s leading bakers of snack cakes, pies, cookies, and donuts with manufacturing facilities in Philadelphia and Oxford, Pennsylvania.
American Video Teleconferencing Corp. (Pink Sheets:AVOT) is pleased to announce that it is presently in final discussions to enter into a formal agreement to acquire an exclusive option on a molybdenum property in the Otter lake area in the province of Quebec, Canada. The property has been dormant since the 1960’s when Hupon Mining and Exploration carried out surface work, stripping, trenching and a minor drill program of 445 feet contained in 11 drill holes. Some of the sample results from the trenching in 1962 showed 0.94% to 25% molybdenum averaging 5-10%.
These values were obtained from assessment files in the Department of Mines in Quebec City. Rare-earth metals include terbium, which finds use in flat-panel TVs and high-efficiency fluorescent lamps, and neodymium, key to the permanent magnets in high-efficiency electric motors. Rare-earth metals are not indeed rare. The series of nonferrous metals is common in the environment. According to Design Chain Associates, most rare-earth metals are as common as copper, and even the rarest is more common than gold. Part of the market pressure on rare-earth metals comes from new demands that green technologies has prompted. The market, including electric- and hybrid-vehicle motors and wind turbines, requires magnets.
This property is only one of several advanced stage properties American Video has under consideration in the province of Quebec. Québec is remarkable from the standpoint of the wealth of its tremendous land area that has scarcely been tapped. It has roughly 30 mines, 158 exploration firms and 15 primary processing industries. Some 30 minerals are mined, of which the leading ones are gold, iron, titanium, asbestos, copper, zinc and silver. Scarcely 40 % of Québec’s mineral potential is now known. In 1999, the value of Québec mineral shipments reached $ 3.6 billion. The mining industry accounts for nearly 18,000 direct jobs and investment reaching $ 1 billion. In Québec, more than 90 % of the substratum is made up of Precambrian rock, a geological formation well known for its deposits of gold, iron, copper and nickel. Since the Québec mining industry took off in the 1920’s, it has maintained steady growth.
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