GTEC Holdings Removes $6.0 Million In Secured Debt From Balance Sheet

GTEC Holdings (TSXV: GTEC) this morning announced that it has cleared all of its outstanding debts. In particular, the company has repaid two senior secured promissory notes.

The notes, which were held by NFS Leasing Canada, in aggregate amounted to $6.0 million were reportedly repaid last Friday in full. The repayment, along with debt that was repaid in March, reportedly results in $1.0 million in annual interest savings.

Following the repayment of the secured debt, the firm reportedly is now free of all debt liabilities and security interests. Furthermore, the company reportedly now has a current cash position of $19.0 million.

GTEC Holdings last traded at $0.77 on the TSX Venture.

Information for this briefing was found via Sedar and GTEC Holdings. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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