Rutter Inc. Announces Restructuring of its Debt

St. John's, Newfoundland--(Newsfile Corp. - April 30, 2012) - Today Rutter Inc. (TSX: RUT) announced that it has entered into a loan and credit facility to replace its existing term loan.

The lenders have agreed to provide Rutter with an operating loan (“Loan A”) in an amount of up to C$4,000,000 (subject to a 3% discount payable by way of deduction from the first advance requested by Rutter) which will mature on April 30, 2014 with interest payable thereon at 10% per annum, compounded and payable quarterly. The lenders have also agreed to provide a term loan (“Loan B”) in an amount of up to C$4,000,000 (subject to a 3%, on the amount of each advance, discount payable by way of deduction from each advance requested by Rutter), which will mature on June 30, 2014 with interest payable thereon at 10% per annum, compounded and payable quarterly.

Loan A is repayable on maturity and Loan B is repayable in monthly installments of $150,000 with the balance payable on maturity. Rutter has granted the lenders: (i) on Loan A, a security interest in all of Rutter’s present and after-acquired receivables and inventory; and (ii) on Loan B, a security interest in all of its present and after-acquired property (subject to the prior security interest granted under Loan A to the lender thereof). Rutter has the right to prepay any amounts owing under Loan A and Loan B at any time and from time to time with prior notice and without penalty. Upon an event of default under Loan A or Loan B, the lenders have the right to accelerate all amounts owing thereunder. Upon a change of control of Rutter, Rutter must repay the entire amount owing under either of Loan A or Loan B.

“We are pleased to have these new loans in place well in advance of the December 2012 maturity of our existing term debt, removing any uncertainty as to its resolution” stated Fraser Edison, President and CEO of Rutter Inc.. “It is also a significant improvement to have a lower interest rate and an operating line which allows us to vary the borrowed amount, flexibility we did not have under the previous loan structure.”

About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies. Rutter's global network supplies technologies to improve efficiency and safety in the marine, defense, transportation, and oil and gas sectors from its headquarters in the Province of Newfoundland and Labrador. For more information see www.rutter.ca  

Forward-Looking Statements

This press release may contain forward-looking statements that involve risks and uncertainties. These statements reflect current expectations and are subject to a number of risks and uncertainties including but not limited to, change in technology and general market conditions. Due to the many risks and uncertainties, Rutter Inc. cannot assure that forward-looking statements that may be contained in this press release will be realized.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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For further information:

Karen Snook, Chief Financial Officer and Corporate Secretary, Rutter Inc. +1 709 556 6666