WEARE, N.H., August 13, 2020 – Ezenia! Inc. (“Ezenia” or the “Company”) today announced that Novelty/EZ Partners, LP (“Novelty”) has purchased shares of Company common stock equal to 40% of the Company’s issued and outstanding capital stock (on a fully diluted basis after giving effect to the issuance of the shares to Novelty) at a purchase price equal to $0.0435 per share, in cash, for a total investment of $452,446.41. In addition, in connection with the share issuance, the Company has entered into a Credit Agreement with Novelty that provides for up to $4 million in borrowing availability at an interest rate initially equal to LIBOR plus 4%. Borrowings under the Credit Agreement are subject to satisfaction of the conditions contained therein.
In connection with the foregoing, and utilizing a portion of the proceeds of the Novelty equity investment, the Company has declared a cash dividend of $0.0175 per share to the holders of the Company’s common stock, payable on September 1, 2020 to holders of record on August 25, 2020. Beneficial stockholders who own shares through the Depository Trust Company (“DTC”) should contact the DTC participant through which they hold their shares in order to ensure timely receipt of the cash dividend.
In addition, the Company’s sole director has appointed Jonathon Skeels and Michael Leahy, who are affiliates of Novelty, to fill the two vacant seats on the Company’s Board of Directors, serving as a Class II and Class III director, respectively.
About Ezenia! Inc.
Ezenia! Inc. operates through its subsidiary Windjammer Holdings, Inc. Ezenia! Inc. common stock is not listed, traded or quoted on any U.S. stock exchange but is quoted on the OTC Pink Open Market under the symbol EZEN.Contact: Cecilia Moreno 1-603-589-7600 x804 email@example.com