SmarTire Systems Raise Funds Reschedule Debts

SmarTire Systems has just announced the completion of a Warrant Offering and a Private Placement of generating gross proceeds of some 849,000 dollars. Additionally SmarTire has rescheduled debt repayments. “SmarTire is well positioned strategically, competitively and technologically to take full advantage of the increasing demands of the tyre and automotive industries for tyre monitoring technologies and products,” says Robert Rudman, President and Chief Executive Officer of SmarTire.

“However, from a financial resources standpoint, we must build a stronger base. Our financial plan has been designed to achieve that objective and we are making progress despite current market conditions.”.