TORONTO, Sept. 10, 2014 (GLOBE NEWSWIRE) -- Epcylon Technologies, Inc. (OTCBB:PRFC) ("Epcylon" or the "Company") announces today that Peter George, its Chief Executive Officer (the "Lender"), has personally committed and loaned the Company a total of $1.0M in the form of two 13 month loans.
Features of the loans are as follows:
- The loans carry a 5% interest charge per annum.
- The Company (Borrower) may repay the loans at any time without penalty.
- The Lender can convert the loans to equity of the corporation at any time based on the average share price of the last 5 trading days but not lower than $0.20 per share.
- Forced conversion. At due date of the loans, if the Lender has not converted his loans to equity or if the Company has not repaid the loans, the loans will automatically convert to equity at the due date.
- The description of the loans are not complete and are qualified entirely by reference to the full text of the loans and associated loan agreements included in the Company's 8-k filing on September 5, 2014.
Todd Halpern, Chairman of the Board of Directors, said, "Peter has demonstrated his commitment to Epcylon by action, not talk. For a Chairman, there is no greater reward than to see competent senior management actively engaged. This loan will help Epcylon move to the next phase of its business plan."
About Epcylon. Epcylon (OTCBB:PRFC) is an innovator in the fields of artificial intelligence software, mobile gaming, and services & solutions that assists people, charities, and businesses to realize their maximum potential. Please visit us at www.epcylon.com.
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Epcylon Technologies Inc., please refer to its website at http://www.epcylon.com
CONTACT: Media Relations Epcylon Technologies, Inc. 131 Bloor St. W., Suite 200/372 Toronto, Ontario Canada MS5 1R8 Phone +1-416-479-0880Source:Epcylon Technologies, Inc.