Nanotech Security (TSXV:NTS) has announced the early retirement of a $3 million secured note.

As quoted in the press release:

The note was previously issued to finance real estate assets acquired in the Fortress Optical Features Ltd. acquisition in September 2014. It bore a 4% annual interest rate and was due in September 2017.

The Company used funds originally earmarked to redeem its $4.2 million convertible debentures. As many debenture holders elected to convert their debentures into common shares of the Company, only $1.4 million was required to be repaid. With the recent retirement of the convertible debentures and now with the payment of the $3.0 million secured note, the Company is debt free.

Given our recent $13.3 million financing, the cash from operations generated in the third quarter, and the visibility into our pipeline, we decided to repay the debt early, instead of refinancing, to reduce our interest expense, said Nanotech CEO Doug Blakeway. Doing so saves the Company $120,000 per yearin interest and the Company is now debt free with a strong cash balance to execute on our growth opportunities.

Click here to read the full press release.

Link:

Nanotech Security Retires $3.0 Million Note | Investing News Network - Investing News Network (registration)