Analytical Surveys obtains new waiver agreement and amendment

Analytical Surveys obtains new waiver agreement and amendment

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Analytical Surveys, Inc., a provider of customized data conversion and digital mapping services for the geographic information systems (GIS) and related spatial data markets, today announced it has obtained a new Waiver Agreement and Amendment to its Credit Agreement (the “Agreement”) from its senior lenders. The Agreement, which was signed December 28, 2001, results in substantial debt forgiveness. The Agreement waives all financial covenant defaults, changes loan maturity dates and continues principal prepayment incentives. Under the Agreement, senior lenders accepted a cash payment of $1.25 million and non-convertible preferred stock with a face value of $3.2 million as payment of ASI’s $4.4 million line of credit and $6.7 million of its note payable, which represents a total debt reduction of $11.1 million. The Agreement also provides for a remaining $3.0 million note payable to be reduced to zero with a cash payment of up to $875,000 by March 31, 2002.