ESI Entertainment Announces USD 2 Million Loan

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ESI Entertainment Systems Inc. (TSX: ESY) is pleased to announce that the Company has completed a loan agreement of USD $2 million bearing interest at the rate of 6% per annum and repayable in two installments with the first due on December 11, 2008 and the second due on June 11, 2009; the loan is secured by first ranking fixed charges on the entire issued share capital of two of the Company's principal subsidiaries, ESI Integrity Inc. and Citadel Commerce UK Limited.

Citadel Commerce has focused its efforts on enhancing and deploying its e-wallet platform, paper cheque payouts and Internet Banking (Rapid and Instant Bank Transfers), and now supports instant payment for over 600 million bank accounts in more than 36 countries outside the US; several large iGaming merchants have signed agreements to use Citadel's services outside the US.

Tony Greening, CEO, said "The Company has now resolved issues relating to its past financial processing in the USA, completed and filed its audited financial statements for fiscal 2008 and has now replenished its working capital."

"With our solid foundation of large customers and the way now clear before us we will devote our efforts on building and strengthening the ESI business and the Citadel and ESI Integrity brands." -- www.cnxmarketlink.com

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Posted June 27th, 2008 by ruzik_tuzik

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