OLIE posted news 1hr ago
Olie Inc. Announces Additional $20,000,000 USD in Medium Term Note (MTN)
VANCOUVER, British Columbia, Dec. 17, 2013 (GLOBE NEWSWIRE) -- Olie Inc. (OTCQB:OLIE) (The Company) President, Robert Gardner, is pleased to announce that its subsidiary, Settlement Management Series 1, LLC ("Settlement Management"), has just completed an assignment for $20,000,000 MTN USD, credit linked to a Triple A US Treasury Strip ("MTN"). This MTN matures in ten years and upon maturity pays out Settlement Management's clients, the principal, and the 5% interest premium. Settlement Management has no liens or debts, and accordingly there should be no depreciation in the inherent value held in the MTN which therefore would accrue to the benefit of the Company's consolidated financial statements. This assignment is in addition to the $5,000,000 five year, 5% US Treasury Strip already owned by Settlement Management and announced by the Company on November 19(th) , 2013. Because of the materiality, these events will be announced in an 8K once the required documentation attached as exhibits to the 8K are provided to the Company.
Robert Gardner states, "The addition of the $20,000,000 MTN in enhanced value on Settlement Management's balance sheets, positions the Company with substantially more net stock holders' equity under management. This will be consolidated on its financial statements. This is part of the 'Three Step Corporate Plan' announced on November 4, of utilizing...'its Convertible Preferred Securities as currency to purchase assets...' It is heartening to reflect that the Company is delivering on its objective of building value for its shareholders."
Safe Harbor Statement:
This release may include "forward looking statements" within the meaning of Section 27 A of the Securities Act 1933 as amended, and Section 21 E and /or 27 E of the Securities Exchange Act of 1934, that are based on assumptions that in the future are inherently uncertain, may prove not to be accurate, and are subject to significant risks and uncertainties. These include, but are not limited to statements as to the future performance of the company, its ability to raise necessary financing, and other general economic risks and uncertainties.
CONTACT: Robert C. Gardner, President
Phone: 604 669-9000
E-mail: robertgardner@olieinc.ca
Website: www.olietech.com
(MORE TO FOLLOW) Dow Jones Newswires
December 17, 2013 07:05 ET (12:05 GMT)
AI
