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Superclick, Inc. : Superclick Agrees to Terms and Date of Final Payment of Convertible Debenture

^{Published on 2009-01-22 06:51:49, Last Modified on 2009-01-22 06:52:51 - Market Wire}
 

MONTREAL--(Marketwire - January 22, 2009) - Superclick, Inc. (OTCBB: [ SPCK ]), a technology leader in IP infrastructure management solutions to the hospitality industry, today announced that it has paid off its convertible debenture with Chicago Venture Partners L.P. in full.

Superclick and Chicago Venture Partners have agreed to terms of final payment under which Superclick will make a lump-sum payment of $720,000 in cash in exchange for a full and final release of its $800,000 obligation with Chicago Venture Partners. The planned date of the payment is January 23, 2009.

Jean Perrotti, Superclick's Chief Financial Officer, said that, "We are pleased to have been able to leverage our strong cash flow and receivables, enabling us to come to agreeable terms with Chicago Venture Partners to pay off our convertible debenture with a 10% discount and with no further dilution to our shareholders. Chicago Venture Partners was a great partner for us over the past three years and we appreciate their willingness to accommodate our cash flow and operating requirements in servicing this debt over that period. The fact that we were able to eliminate this debt in the current economic environment is a strong validation of our business and value proposition to our customers. We announced record financial results earlier this week and continue to be positive about our outlook in 2009."

John Fife, managing partner of Chicago Venture Partners, said that, "Superclick has been a reliable and good partner for our fund. The company's growth in the past three years of our investment has been impressive and we are pleased to have been able to provide the capital to ensure these results."

About Chicago Venture Partners L.P.

Founded in 1998, Chicago Venture Partners L.P. is a private equity investment firm specializing in buyouts, late stage growth equity investments and PIPES. It manages approximately $60 million and has led private investment transactions in more than a dozen companies across several industries.

About Superclick, Inc.

Superclick, Inc. (OTCBB: [ SPCK ]), through its wholly owned, Montreal-based subsidiary Superclick Networks, Inc., develops, manufactures, markets and supports the Superclick Internet Management System (SIMS™), Monitoring and Management Application (MAMA™) and Media Distribution System (MDS™) in worldwide hospitality, conference center and event, multi-tenant unit (MTU) and university markets. Current clients include MTU residences and Candlewood Suites®, Crowne Plaza®, Fairmont Hotels and Resorts®, Four Seasons Hotels and Resorts®, Four Points by Sheraton®, InterContinental Hotels Group PLC®, Hilton®, Holiday Inn®, Holiday Inn Express®, Hampton Inn®, Mandarin Oriental Hotel Group®, Marriott®, Novotel®, Radisson®, Sheraton®, Westin® and Wyndham® hotels in Canada, the Caribbean and the United States.

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements with the terms "believes," "belief," "expects," "intends," "anticipates," "will" or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.