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United Protection Security Group Inc. Completes New USD4.5 Million USD Receivable Financing
United Protection Security Group Inc. announced that pursuant to a press release dated October 24, 2011, the Company has now completed its new receivable financing of up to USD4.5 millionwith a New York based International Lender specialized in asset-based lending. The new facility has now replaced a $3,000,000 operating loan previously provided by a Canadian chartered bank. The Company has concurrently issued 8,000,000 common shares at $0.05 per share to Mr. F.V. Ramsoondar, CEO, in compensation for Mr. Ramsoondar giving his personal guarantee of the validity of the financial information that will be provided to the New York based financing company on an on-going basis.
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