Attached files
| file | filename |
|---|---|
| 8-K - AEROSONIC CORP /DE/ | v175117_8k.htm |
| EX-10.7 - AEROSONIC CORP /DE/ | v175117_ex10-7.htm |
| EX-10.6 - AEROSONIC CORP /DE/ | v175117_ex10-6.htm |
| EX-10.4 - AEROSONIC CORP /DE/ | v175117_ex10-4.htm |
| EX-10.3 - AEROSONIC CORP /DE/ | v175117_ex10-3.htm |
| EX-10.1 - AEROSONIC CORP /DE/ | v175117_ex10-1.htm |
| EX-10.2 - AEROSONIC CORP /DE/ | v175117_ex10-2.htm |
| EX-10.5 - AEROSONIC CORP /DE/ | v175117_ex10-5.htm |
Exhibit
99.1
Contact
Kevin J.
Purcell
727-461-3000
For
Immediate Release
Aerosonic
Amends Loan Agreements and Borrows $600,000 under the Loan Agreements, as
Amended
CLEARWATER, Fla. – February 23, 2010 - Aerosonic
Corporation (NYSE Amex: AIM), a leading supplier of precision flight products
for commercial, business and military aircraft, announced today that on February
19, 2010, the Company entered into first amendments (each a “First Amendment”
and together, the “First Amendments”) to each of the three unsecured loan
agreements (each, a “Loan Agreement” and together, the “Loan Agreements”)
entered into by Aerosonic on May 14, 2009, with three Aerosonic stockholders,
Bruce J. Stone, Redmond Family Investments, LLLP and Martin L. Schaffel
(the “Investors”). Pursuant to the First Amendments, each of the
subordinated notes were extended for a period of one year and are now due and
payable on April 10, 2011, Aerosonic is no longer obligated to issue shares of
its common stock upon each cash draw down on or after February 19, 2010, the
expiration dates for the warrants have been extended, the purchase price for
warrants issued on or after February 19, 2010 has been increased and the ratio
of common shares underlying warrants issuable pursuant to a cash draw down has
been reduced.
On
February 19, 2010, Aerosonic also borrowed an aggregate principal amount of
$600,000 upon a cash draw down under the Loan Agreements, as
amended. Pursuant to the terms of the Loan Agreements, as amended,
Aerosonic issued warrants to purchase in the aggregate 120,000 shares of
Aerosonic’s common stock to the Investors. Additional terms of the First
Amendments to the Loan Agreements and the $600,000 draw down under the Loan
Agreements, as amended, can be found in Aerosonic’s Current Report on Form 8-K
filed today with the Securities and Exchange Commission.
Aerosonic
Corporation, headquartered in Clearwater, Florida, is principally engaged in the
manufacture of aviation products. Locations of the Company include
Clearwater, Florida and Charlottesville, Virginia. For additional
information, visit the Company’s website at www.aerosonic.com.
This document contains statements
that constitute "forward-looking" statements within the meaning of the
Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995. "Forward-looking"
statements contained in this document include the intent, belief or current
expectations of the Company and its senior management team with respect to
future actions by officers and directors of the Company, prospects of the
Company's operations, profits from future operations, overall future business
prospects and long term stockholder value, as well as the assumptions upon which
such statements are based.
Investors are cautioned that any
such forward-looking statements are not guarantees of future performance, and
that actual results may differ materially from those contemplated by such
forward-looking statements. Important factors that could cause actual results to
differ materially from those contemplated by the forward-looking statements in
this document include, but are not limited to, adverse developments involving
operations of the Company's business units, failure to meet operating objectives
or to execute the business plan, and the failure to reach revenue or profit
projections. The Company undertakes no obligation to update or revise the
forward-looking statements contained in this document to reflect changed
assumptions, the occurrence of unanticipated events, or changes to future
operating results over time.