Targeted Microwave Solutions secures $500K bridge financing

pcNewsWire – Targeted Microwave Solutions Inc. (TSX-V: TMS) secured a $500,000 bridge loan from a significant shareholder. SOHL, Inc., an entity controlled by Satellite Overseas (Holdings) Limited (SOHL) of India, is the laregst shareholder controlling 42.9% shares (as May 12, 2016)

Press Release

TMS Secures Bridge Financing and Refocuses Cash Resources to Advance Commercialization Efforts
Reviews Financing Alternatives

Vancouver, British Columbia (FSCwire) – Targeted Microwave Solutions Inc. (TSXV: TMS) (“TMS”) announces that it has secured a commitment for a bridge loan from a significant shareholder of approximately C$500,000. The purpose of the bridge loan is to provide TMS necessary short-term working capital as it continues to drive commercialization and evaluate financing efforts.

The TMS board also approved the initiation of a comprehensive cost reduction plan. As part of this plan, TMS expects to immediately eliminate 8 positions, and reduce general and administrative costs. On an annualized basis, TMS expects cash savings of approximately C$2,600,000. TMS expects its cash runway, after proceeds from the bridge loan, to extend into early June.

Dr. James Young, chairman and CEO of TMS, stated: “The bridge loan, together with our cost reduction plan, will allow TMS to continue testing material at the King William plant in support of ongoing discussions with potential customers and strategic partners, while continuing to meet our current liabilities in the near-term.”

The bridge loan will be subject to customary conditions, including the negotiation of definitive documentation. TMS also continues to explore potential equity and debt financings to fund its activities beyond its current cash runway, and will provide additional information to shareholders in subsequent news releases.

On behalf of the Board of Directors,
“Dr. James Young”
Chief Executive Officer and Chairman

Media Contact:
+1 (778) 995 5833

About Targeted Microwave Solutions Inc.

Targeted Microwave Solutions Inc. is a clean technology company that designs and manufactures vertical WAVEdri® microwave reactors to dry and process coal, clay and biomass, including wood fibre. As a global leader in the advancement of microwave technology the Company’s mission is to provide the industry with a cleaner and more efficient technology solution, which replaces traditional industrial dryers and kilns, by eliminating toxic emissions, reducing energy requirements and conserving significant amounts of water at a lower capital investment.

The Company’s R&D and commercial demonstration plant in King William, Virginia is strategically located near several major industrial clay-based and biofuel manufacturers. The marketing and testing facility in Shanghai, China collects and analyzes material samples from nearby coal power plants and coal mines. The Company is a reporting issuer in Canada and is listed on the following stock exchanges: | TSX-V: TMS | FRA: A2ACNT | OTCQX: TGTMF |

For further information, visit or the Company’s public disclosure filing on

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Source: Targeted Microwave Solutions Inc. (TSX Venture:TMS, OTCQX:TGTMF, FWB:A2ACNT)