From 06/2016, BOOOM! Ezenia! Inc. Closes Transaction With Windjammer; Announces Renewals of Certain IWS Contracts $EZEN
The only place you will find this news is on their website....
Posted on June 16, 2016 by Wkeith
June 16, 2016 – Ezenia! Inc. (“Ezenia” or the “Company”) today announced that a newly formed subsidiary, Windjammer Holdings, Inc. (“WJ Holdings”), has purchased from Windjammer Communications Holdings LLC and BenMark Investments LLC 100% of the equity interests in Windjammer Communications LLC (“Windjammer Communications”) as well as certain cash on hand in exchange for preferred shares in the aggregate amount of approximately $636,000 issued by WJ Holdings and 19.5% of its common stock.
The proceeds of the transaction were primarily used to pay transaction related expenses and to repay all but approximately $234,000 of the Company’s outstanding indebtedness under its senior secured term loan. The Company emerged from bankruptcy in July 2015 with approximately $2 million of outstanding indebtedness under this facility. Following the transaction, the Company has approximately $120,000 in cash on its balance sheet net of accrued expenses. Windjammer Communications is a telecommunications company which receives revenue from its ownership of a cable television system located in Virginia. In 2014 and 2015, the gross amount of revenue received by Windjammer Communications from this system was approximately $360,000 per year.
The Company intends to use this revenue going forward to service its remaining debt and fund the Company’s operating expenses while it continues to explore additional strategic transactions. In addition to the consummation of the Windjammer transaction, the Company also today announced the renewal of certain of the InfoWork Space (“IWS”) contracts with the Air Force held by its subsidiary, Talarc Technologies LLC. A contract in the amount of $67,550 per year was renewed and paid in March. Another in the amount of $23,950 per year is currently in the renewal process and anticipated to be collected within the next few months. The Company also received payment on a third contract in the amount of $134,846 this month.
The Company is in the process of finalizing its audited financial statements for the fiscal year ended December 31, 2015. Once complete, the Company intends to post the annual financial statements on its website for shareholders.
About Ezenia! Inc.
Ezenia! Inc. operates through its subsidiaries, Talarc Technologies LLC and Windjammer Holdings, Inc. Ezenia! Inc. common stock is not listed, traded or quoted on any U.S. stock exchange but is quoted on the OTC Pink Market under the symbol EZEN.
12. SUBSEQUENT EVENTS
Management of the Company has reviewed subsequent events through October 13, 2016, the date the financial statements were available to be issued. No matter requiring recognition or disclosure were noted, except for:
In June 2016, Windjammer Holdings Inc., (Holdings) a newly formed Ezenia! Inc. subsidiary has purchased 100% equity interests in Windjammer Communications, LLC (Communcations) in exchange for 4,924 shares of preferred shares and 5,850 shares of common stock of holdings. Assets of Communication were principally $1.6 million in cash.
In June, July and August 2016, The Company paid principal payments of $1,462,188, $33,070 and $34,666, respectively against its note payable.
|jet101 ||Tuesday, 11/22/16 11:23:03 AM |
|Re: articstorm post# 164 || |
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According to their audited 2015 they just filed I would say no, but I have emailed them anyway to ask.
Pursuant to the plan of reorganization, the Company entered into a Registration Rights Agreement on July 15, 2015 which requires the Company to use commercially reasonable efforts to effect such registration to permit the sale of warrants, in accordance with the intended method or methods of disposition and to be done as expeditiously as possible. As part of the plan, existing shares and shareholders were unaffected.
Thanks confirmed that just now. Got a call back from Cecilia at EZEN. The share structure remains the same AS 40M OS 16M. They paid down debt to around $200k from around $1M she said on a note. I asked if it was a convertible she said NO. They are in the process of looking for revenue producing alliances with new companies. She also said it takes a long time to become fully reporting as we've noticed from other BK stocks. Lots of details and filings to submit.
|jet101 ||Tuesday, 11/22/16 01:07:49 PM |
|Re: lukin4winners post# 176 || |
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I also just got a reply back from my question about the shares.
Thank you for taking the time to answer my question can you please answer one more. I would like to know if the shares stayed intact as part of the reorganization or are did they get canceled. Again thank you for your time.
You are very welcome. The shares have remained intact. No new stock was issued at reorganization.
Also, are you aware that we just released the 2015 audited financials? You can take a look at them on our website, if you are interested and if you haven’t already, at www.ezenia.com.
Chief Financial Officer
Ezenia! Inc. Issues Audited Financial Statements
SALEM, N.H., November 18, 2016 /PRNewswire/ — Ezenia! Inc. (“Ezenia” or the “Company”) today announced that it has issued its audited financial statements for the fiscal year ended December 31, 2015. The audited financial statements have been posted on the Company’s website at Ezenia.com and can be viewed by clicking on the “Financial Information” tab.
The Company intends to announce the date and relevant information for the annual meeting of its stockholders shortly.
About Ezenia! Inc.
Ezenia! Inc. operates through its subsidiaries, Talarc Technologies LLC and Windjammer Holdings, Inc. Ezenia! Inc. common stock is not listed, traded or quoted on any U.S. stock exchange but is quoted on the OTC Pink Market under the symbol EZENQ.
Contact: Cecilia Moreno 1-603-589-7600 x804 email@example.com