WLDI News
World Am Receives $1,000,000 Loan Commitment
1/22/2003 9:52:00 AM
WESTMINSTER, Colo., Jan 22, 2003 (BUSINESS WIRE) -- World Am Communications (WLDI) and Mercatus & Partners, Ltd. entered into a $1 million Collateral Loan Agreement and Promissory Note. The Collateral Loan Agreement and Promissory Note provides for a $1 million loan to be made to the Company by Lender secured against shares of the Company's restricted stock. The shares will be held in trust until the loan is repaid and may not be deposited into a brokerage account for sale by the Lender without proof of default by the Company.
The Lender has committed to fund the loan on or before January 31, 2003. Under terms of the agreement, the loan will mature in January of 2008 and calls for interest-only payments for the first twelve months of the agreement at the pre-determined rate of 5.5% per annum.
In another development, Isotec Inc. (www.isotecinc.com ), a wholly owned subsidiary of World Am, has provided a final draft of a joint venture agreement with Comfort Virtue Construction Product Co. Ltd. of Beijing, China. Comfort is recognized as a top supplier of commercial door and window systems. World Am and Comfort Virtue have each received the definitive agreement for review and execution.
The Joint Venture parties believe the JV agreement will bring Isotec products to the world market at a competitive pricing structure permitting further expansion into the international marketplace. Isotec is known in the security industry for its "Transparent Security(TM)" systems, which it conceived, developed, and has installed for Government, Financial and Retail facilities and establishments. The security measures are unobtrusive and non-threatening in their ability to detect the presence of arms and/or threats of terrorism. For example, its detection system in a door opening or hallway is used to detect persons carrying arms or detonating devices into a building, thereby alerting appropriate security personnel. The system records a photo or video of the event while allowing security an opportunity to evaluate and take appropriate action before the person carrying the unauthorized weapon or device is alerted.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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