3 Dec 2010 07:00
IMJACK PLC
('the Company')
Update on Funding
"The Company announces that Jeffrey Morris has made a loan to the Company of £30,000 (the "Morris Loan") to support the immediate working capital needs of the Company. The Morris Loan is subject to an annual interest rate of the Bank of England base rate plus 3%. The Company's Independent Director considers, having consulted with the Company's nominated adviser, Daniel Stewart, that the terms of the Morris Loan are fair and reasonable so far as the Company's shareholders are concerned.
In addition to the Morris Loan, the Company is also pleased to announce that it has received a £50,000 loan from a third party individual (the "New Loan"). The New Loan has been entered into on the same terms as the Morris Loan as set out above.
The Morris Loan, the New Loan and the loan provided by Debra Morris as announced on 9 November are secured on the Company's unencumbered assets including the Company's intellectual property.
For further information please contact:
imJack Plc Michael Abrahams Chairman
| Tel. 01653 618016 |
Daniel Stewart & Company plc Emma Earl/Paul Shackleton
| Tel. 020 7776 6550 |
Rawlings Financial PR Ltd Catriona Valentine | Tel. 01653 618016 |