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Document Preview Dualstar Reaches Agreement in Principle with Senior Lender to Exchange Debt For Real Estate, Paracomm Assets & Common Stock |
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Title: |
Dualstar Reaches Agreement in Principle with Senior Lender to Exchange Debt For Real Estate, Paracomm Assets & Common Stock |
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Entities: |
Blackacre Capital Management, LLC; DualStar Technologies Corp. |
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Date: |
2003 |
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$40 |
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ID: |
#252392 |
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PRESS RELEASE
DualStar Technologies Corporation News
11-30 47th Avenue, Long Island City, New York 11101
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
Contact: Robert Birnbach
(718) 340-6657 phone
(718) 340-6695 facsimile
e-mail: dstr@dualstar.com
DUALSTAR REACHES AGREEMENT IN PRINCIPLE WITH SENIOR LENDER TO EXCHANGE DEBT
FOR REAL ESTATE, PARACOMM ASSETS & COMMON STOCK
NEW YORK, NY - June 17, 2003 -- DualStar Technologies Corporation (OTCBB: DSTR)
(the "Company") announced today an agreement in principle with its senior
lender, Madeleine, L.L.C., whereby Madeleine would exchange all of the
outstanding principal and accrued interest with respect to the senior secured
indebtedness owed by the Company to Madeleine for the Company's interests in
certain real estate and certain private cable television assets and for common
equity of the Company.
The outstanding principal and accrued interest with respect to the senior
secured indebtedness currently owed by the Company to Madeleine totals
approximately $16,600,000. The Company is presently in default under the terms
of the agreement relating to the outstanding debt to Madeleine.
As set forth in the agreement in principle, the outstanding principal and
accrued interest with respect to the senior secured indebtedness owed by the
Company to Madeleine shall be exchanged for (a) certain private cable television
systems and associated assets related to properties in Florida of ParaComm,
Inc., a wholly-owned subsidiary of the Company, in consideration of a reduction
of indebtedness equal to the fair market value of such assets (which transaction
was announced previously by the Company); (b) certain real estate owned by the
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