17 Sep 2009 14:33
JSJS Designs PLC ("JSJS Designs" or "the Company")
Convertible Loan Facility Agreement
17 September 2009
JSJS Designs plc (AIM:JSJS), specialists in the design, development and manufacture of home automation systems to enable consumers to remotely operate everyday household appliances, announces that on 10 September 2009 it entered into a £160,000 convertible loan facility ("the Convertible Loan Facility") with Centaur Financial Services Limited ("Centaur"), a company registered in the British Virgin Islands.
Under the terms of the Convertible Loan Facility, Centaur will make available to JSJS, on or before 30 September 2009, a loan facility in an aggregate amount of £160,000. The amount is to be advanced in one lump sum and drawn down at the Company's discretion. JSJS may repay all or any part of the loan without premium or penalty, at any time before 30 September 2010.
Centaur may, at its sole discretion convert all or any part of the loan into new JSJS ordinary shares of 0.1p each at 1p. If Centaur does not elect to convert the loan by 30 September 2010, the loan together with any interest accrued, at the rate 5 per cent per annum, will thereafter be repayable on demand. If Centaur does not receive on the due date any sum payable under this agreement, interest on such sum will be calculated at the rate of 10 per cent. per annum. Neither party may at any time assign or transfer all or any of its rights and obligations under the Convertible Loan Facility.
The Convertible Loan Facility contains a number of warranties and undertakings from JSJS in favour of Centaur in relation to various matters relating to JSJS. The Convertible Loan Facility, which terminates on 30 September 2010 is terminable by Centaur in certain circumstances including if there is a material breach of the agreement by JSJS or a material breach by JSJS of any of the warranties.
The purpose of this facility is to enable JSJS to have the ability to draw down funds for general working capital.
For further information please contact:
| John Shermer CEO, JSJS Designs Plc | Telephone | 01902 500 562 |
| Tim Cofman WH Ireland | Telephone | 0121 265 6330 |
| Katie Dale Golley Slater Group Limited | Telephone | 0121 384 9743 |
About JSJS Designs plc
JSJS Designs plc specialises in the design, development and manufacture of home automation systems to enable consumers to remotely operate everyday household appliances, such as lighting, heating, air conditioning, door entry, audio, video and security.
The Company is targeting the potentially significant mass market as consumers increasingly seek to "retro-fit" Smart Home technologies into their homes and, in the longer term, the "Extra Care" residential market where there is demand from the providers of such schemes to enable independent living for the elderly and physically immobile.