SmarTire Systems shifts credit line

May 26, 2004 — SmarTire Systems Inc. (OTCBB: SMTR, News, Directory, Web), a Richmond, British Columbia, developer of MEMS-based tire pressure monitoring systems, has replaced a $15 million equity line of credit arranged by HPC Capital Management with a $15 million equity distribution agreement with Cornell Capital Partners.

Under the new agreement, SmarTire can issue shares at its own discretion to Cornell Capital Partners over the next two years, up to $15 million worth, and can draw as much as $500,000 every seven business days.

In addition, SmarTire has arranged a $750,000 unsecured promissory note at 8 percent with Cornell Capital.

POST A COMMENT

Easily post a comment below using your Linkedin, Twitter, Google or Facebook account. Comments won't automatically be posted to your social media accounts unless you select to share.