Alentus Corporation (PINKSHEETS: ALNS), a leading provider of web hosting solutions including managed services, sharepoint hosting, dedicated servers, Windows and Linux web hosting, and Microsoft exchange email services, today announced that the Company and its senior lender have entered into a Letter of Intent (LOI) which will provide the required flexibility for Alentus to substantially restructure its balance sheet including debt obligations. The Company anticipates completing the restructuring process in the first quarter of 2010.
William King, CEO of Alentus, commented, "We are pleased to enter into this LOI which will allow Alentus to aggressively pursue the renegotiation of our existing debt and result in a debt load that is in line with the Company's expected free cash flow. It is our belief that this restructuring process, although not guaranteed, will result in the best possible outcome for all the Company's debt and equity investors and allow us great flexibility to grow our business."
King added, "Assuming a successful restructuring of our debt, the Company anticipates that its current management team will have the necessary resources to accelerate the core business strategy of organic growth and acquisition of new customers."
Alentus has previously reported $6,664,219 in revenue and $451,385 in EBITDA for the trailing twelve months ending September 30, 2009. Interest expense in the same period was $903,607. The Company expects the interest expense to decline significantly after the restructuring.
About Alentus Corporation
Alentus Corporation is a next-generation web hosting and infrastructure company. We are a premier provider for both individuals and businesses looking for website hosting, dedicated servers, virtual private servers (VPS), Microsoft Exchange and Sharepoint hosting, IP transit, and collocation.
Alentus provides a framework for on-demand and scalable online business with managed datacenters and a global network across two continents in Los Angeles, Columbus, London, and Edmonton, Canada.
The statements made in this press release, which are not historical facts, may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.