Point.360 (PTSX) Announces $8.6 Million Of New Mortgage Financing
BURBANK, Calif., Sept. 26, 2012 /PRNewswire/ — Point.360 (NASDAQ: PTSX), a leading provider of integrated media management services, today announced that it had entered into two term loan agreements with Bank of the West (part of the BNP Paribas Group) to refinance mortgages on its Hollywood Way and Vine real estate. The new mortgages provide for interest at LIBOR plus 3% (currently about 3.25%) and are payable based on a 25-year amortization due in 10 years. The Company received a $337,000 discount for the early payoff of the prior Hollywood Way loan which will be recorded as other income in the quarter ending September 30, 2012. The Company will also write off approximately $90,000 of deferred financing costs in the quarter associated with the prior Hollywood Way mortgage.
Haig S. Bagerdjian, the Company’s Chairman, President and Chief Executive Officer said: “Finalizing the new term loans completes a total refinancing package of $14.8 million. While we have no amounts currently outstanding under the previously completed revolving and equipment loan facilities, annual interest savings on the two mortgages will be approximately $350,000 at today’s rates.”
About Point.360
Point.360 (PTSX) is a value add service organization specializing in content creation, manipulation and distribution processes integrating complex technologies to solve problems in the life cycle of Rich Media. With locations in greater Los Angeles, Point.360 performs high and standard definition audio and video post production, creates virtual effects and archives and distributes physical and electronic Rich Media content worldwide, serving studios, independent producers, corporations, non-profit organizations and governmental and creative agencies. Point.360 provides the services necessary to edit, master, reformat and archive clients’ audio and video content, including television programming, feature films and movie trailers. Point.360’s interconnected facilities provide service coverage to all major U.S. media centers. The Company also rents and sells DVDs and video games directly to consumers through its Movie>Q retail stores. See www.Point360.com and www.MovieQ.com.
Forward-looking Statements
Certain statements in Point.360 press releases may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding potential availability of additional financing. Please also refer to the risk factors described in the Company’s SEC filings, including its annual reports on Form 10-K. Such statements are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from those expected or anticipated in the forward-looking statements. The Company has no responsibility to update forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.
SOURCE Point.360
TraderPower Featured Companies
- Astrotech Corp. (NASDAQ: ASTC)
- Cepton Inc. (NASDAQ: CPTN)
- Clene Inc. (NASDAQ: CLNN)
- CNS Pharmaceuticals Inc. (NASDAQ: CNSP)
- Eloro Resources Ltd. (TSX.V: ELO) (OTCQX: ELRRF)
- Freight Technologies Inc. (NASDAQ: FRGT)
- InMed Pharmaceuticals Inc. (NASDAQ: INM)
- Lexaria Bioscience Corp. (NASDAQ: LEXX)
- Mullen Automotive Inc. (NASDAQ: MULN)
- Scinai Immunotherapeutics Ltd. (NASDAQ: SCNI)
Top Small Cap Market News
- $NTRB InvestorNewsBreaks – Nutriband Inc. (NASDAQ: NTRB) Closes $8.4M Private Placement
- $MULN Europe Now Has Two Countries Fully Dependent on Green Energy
- $TTSRF Tartisan Nickel Corp. (CSE: TN) (OTCQB: TTSRF) (FSE: 8TA) Retains Northwest Solutions Inc. to Complete Kenbridge Nickel Project All-Season Access Road
- $TMET InvestorNewsBreaks – Torr Metals Inc. (TSX.V: TMET) Announces Promising Preliminary Results at Kolos
- $SFWJ InvestorNewsBreaks – Software Effective Solutions Corp.’s (SFWJ) Eko2o S.A.S. Marks Significant Step in Strategy to Increase Global Footprint
- $DLMI InvestorNewsBreaks – Diamond Lake Minerals Inc. (DLMI) Partners with BOXABL to Expand Opportunities for Modular Housing Villages
- $ZDPY Zoned Properties Inc. (ZDPY) Advancing Initiatives Through the Cannabis Sector
- $ASTC Advancements in Medical AI Are Improving Timely Esophageal Cancer Detection
- $PXMD InvestorNewsBreaks – PaxMedica Inc. (NASDAQ: PXMD) Completes Key Step in Preparation of PAX-101 for NDA Submission to FDA
- $PXMD “Urgent Action: PaxMedica Inc. (NASDAQ: PXMD) Addresses Medical Crisis in Malawi”
- $BBUZ Bebuzee Inc. (BBUZ) Unveils America’s First Superapp, Pioneering a New Era of Social Connectivity
- $ATBHF InvestorNewsBreaks – Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) Announces Strategic Agreement and Advisory Board Appointment
Recent Posts
- $ATBHF InvestorNewsBreaks – Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) Announces Strategic Agreement and Advisory Board Appointment
- $BBUZ Bebuzee Inc. (BBUZ) Unveils America’s First Superapp, Pioneering a New Era of Social Connectivity
- $PXMD “Urgent Action: PaxMedica Inc. (NASDAQ: PXMD) Addresses Medical Crisis in Malawi”
- $PXMD InvestorNewsBreaks – PaxMedica Inc. (NASDAQ: PXMD) Completes Key Step in Preparation of PAX-101 for NDA Submission to FDA
- $ASTC Advancements in Medical AI Are Improving Timely Esophageal Cancer Detection
- $ZDPY Zoned Properties Inc. (ZDPY) Advancing Initiatives Through the Cannabis Sector
- $DLMI InvestorNewsBreaks – Diamond Lake Minerals Inc. (DLMI) Partners with BOXABL to Expand Opportunities for Modular Housing Villages
- $SFWJ InvestorNewsBreaks – Software Effective Solutions Corp.’s (SFWJ) Eko2o S.A.S. Marks Significant Step in Strategy to Increase Global Footprint
Recent Comments
Archives
- April 2024
- January 2023
- June 2022
- December 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009