SCOTTSDALE, AZ AND CALGARY, AB, June 3,
2014 /PRNewswire/ - RDX Technologies Corporation ("RDX"
or the "Company") (TSXV: RDX, OTCQX: RGDEF, FSE:RL7), a water
treatment and energy technology company, today announces a debt
facility granted by Sigma Opportunity Fund managed by Sigma Capital
Partners, and the scheduling of the Santa Fe Springs excess
property sale closing through subsidiary Ridgeline Energy
(USA), Inc.
The new $ 3.3 million dollar debt
facility carries an interest rate of 5%. The Company will use the
funds as a foundation to support manufacturing operations in
Scottsdale Arizona and expanding
Midland-Odessa Texas operations.
Maydan Rothblum, Managing Director, stated, "Sigma Capital
Partners is pleased to be working with RDX. We look forward to
supporting their growth and expanding our business relationship in
the coming months and years. RDX is executing a well-designed,
multi-faceted, plan for profitable growth in a manner that fits our
business and investment standards."
Dennis M. Danzik, RDX Chief
Executive Offer stated, "Sigma is a respected, transparent,
foundational investment partner with RDX and everyone on our team
is very proud that Sigma chose RDX as a customer. It is now our
responsibility as a Company to remain creditworthy and grow our
ability to use debt wisely and put borrowed capital to work for
growth and shareholder value."
The Company also announces that the bankruptcy court supervising
the Lakeland bankruptcy has signed the final court order modifying
the agreement between the Company and Lakeland on certain
remediation income on May 29th. The
expected closing of the real estate sale will be the week of
June 16th, but is subject
to change based on escrow and closing items. Total proceeds from
the sale are approximately $ 12.4MM.
A detailed news release will follow the closing.
Danzik added, "The debt facility through Sigma allows large and
expanding projects to continue and not impact our near term balance
sheet strength. As a Company, it is most important that our plan to
substantially change the way the balance sheet and cash was handled
in the past, by always remaining focused on how capital is put to
work. This effort has taken us over one year to implement and we
will now have our major foundational work complete and can begin
leveraging our position for growth."
About Sigma:
Sigma Capital Partners, LLC, through its affiliate fund Sigma
Opportunity Fund II, LLC, is a multi-strategy private equity firm
that focuses on investing in small-to-mid size companies operating
primarily in the IT, Telecom, Technology and Business Services
industries. Sigma works closely with management to unlock
shareholder value and provide guidance and assistance in the areas
of finance, operations, strategy, M&A and business development.
For more information, please visit: www.sigmacp.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Dennis M. Danzik"
Dennis M. Danzik, CEO
danzikdirect@rdxh2o.com
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. This news release may contain
forward-looking statements. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Such information is
subject to known and unknown risks, uncertainties and other factors
that could influence actual results or events and cause actual
results or events to differ materially from those stated,
anticipated or implied in the forward-looking information. Readers
are cautioned not to place undue reliance on forward-looking
information, as no assurances can be given as to future results,
levels of activity or achievements."
SOURCE RDX Technologies Corporation