VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 26, 2010) – VRX Worldwide Inc. (TSX VENTURE:VRW) announced today that that its wholly owned subsidiary, VRX Studios Inc. (“VRX Studios”) has been provided with a $300,000 Revolving Demand Credit from TD Bank Financial Group (“TD Bank”).
“Receiving a credit facility from one of Canada’s chartered banks is a significant milestone for VRX,” says Kevin Leong, Chief Financial Officer of VRX Studios. “This new facility will help us weather seasonal fluctuations and provide us some financial flexibility in the future.”
The borrowings under the credit facility are subject to a borrowing base calculation. All sums advanced through this facility shall bear interest at the Bank Prime Rate plus one and one half percent (1.5%) per year from the date each advance is made until paid back in full. The Agreement is secured by a first charge on the Company’s present and after acquired property. The revolving credit facility requires maintenance of minimum tangible net worth and other certain customary covenants such as limitations on, among other things, additional debt, liens, investments, acquisitions and capital expenditures, future dividends and asset sales.
ABOUT VRX STUDIOS
Through a decade of growth, innovation and an unwavering commitment to quality, consistency and customer service, VRX Studios remains the leading provider of Photography, Content Management and Licensing services to the global hospitality and travel industries. Through our comprehensive suite of products, covering Architectural, Destination, Food and Beverage and Lifestyle Photography, Content Management, Distribution, Licensing and Presentation, we help hospitality and travel companies capture and showcase their brands to the world – making people take notice. To find out more about VRX Studios, its products and services, visit www.vrxstudios.com.
VRX Studios Inc., is a wholly owned subsidiary of VRX Worldwide Inc. (TSX VENTURE:VRW) (www.vrxworldwide.com).
VRX Worldwide Inc.
David MacLaren, CEO