FlexShopper, Inc. Announces Extension of Senior Credit Agreement Commitment Until February 28, 2021
April 05 2019 - 8:30AM
FlexShopper, Inc. (Nasdaq:FPAY) (“FlexShopper”), a leading national
online lease-to-own (“LTO”) retailer and LTO payment solution
provider, today announced an extension to its existing senior
credit facility with Waterfall Asset Management. As a result,
the credit facility’s Commitment Termination Date is extended from
June 30, 2019 to February 28, 2021, with amounts outstanding under
the credit facility due twelve months afterwards.
Brad Bernstein, CEO, stated, “We are pleased to
continue to work with Waterfall and extend our relationship into
2021. Extending our credit agreement provides us with
valuable balance sheet support to continue our growth and scale
operations as we close in on positive Adjusted EBITDA and
profitability.”
About FlexShopper FlexShopper,
LLC, a wholly owned subsidiary of FlexShopper, Inc. (FPAY), is a
financial and technology company that provides brand name
electronics, home furnishings and other durable goods to consumers
on a lease-to-own (LTO) basis through its e-commerce marketplace
(www.FlexShopper.com) as well as its patented and patent pending
systems. FlexShopper also provides LTO technology platforms to
retailers and e-retailers to facilitate transactions with consumers
that want to acquire their products, but do not have sufficient
cash or credit. FlexShopper approves consumers utilizing its
proprietary consumer screening model, collects from consumers under
an LTO contract and funds the LTO transactions by paying merchants
for the goods.
Forward-Looking StatementsAll
statements in this release that are not based on historical fact
are “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements include the Company’s
financial guidance for fiscal year 2019. Forward-looking
statements, which are based on certain assumptions and describe our
future plans, strategies and expectations, can generally be
identified by the use of forward-looking terms such as “believe,”
“expect,” “may,” “will,” “should,” “could,” “seek,” “intend,”
“plan,” “goal,” “estimate,” “anticipate,” or other comparable
terms. Examples of forward-looking statements include, among
others, statements we make regarding expectations of lease
originations during the holiday season, the expansion of our
lease-to-own program; expectations concerning our partnerships with
retail partners; investments in, and the success of, our
underwriting technology and risk analytics platform; our ability to
collect payments due from customers; expected future operating
results, including our expectations regarding Adjusted EBITDA and
profitability and; expectations concerning our business strategy.
Forward-looking statements involve inherent risks and uncertainties
which could cause actual results to differ materially from those in
the forward-looking statements, as a result of various factors
including, among others, the following: our limited operating
history, limited cash and history of losses; our ability to obtain
adequate financing to fund our business operations in the future;
the failure to successfully manage and grow our FlexShopper.com
e-commerce platform; our ability to maintain compliance with
financial covenants under our credit agreement; our dependence on
the success of our third-party retail partners and our continued
relationships with them; our compliance with various federal, state
and local laws and regulations, including those related to consumer
protection; the failure to protect the integrity and security of
customer and employee information; and the other risks and
uncertainties described in the Risk Factors and in Management’s
Discussion and Analysis of Financial Condition and Results of
Operations sections of our Annual Report on Form 10-K and
subsequently filed Quarterly Reports on Form 10-Q. The
forward-looking statements made in this release speak only as of
the date of this release, and FlexShopper assumes no obligation to
update any such forward-looking statements to reflect actual
results or changes in expectations, except as otherwise required by
law.
Contact:Jeremy HellmanSenior
AssociateThe Equity Group212-836-9626jhellman@equityny.com
FlexShopper, Inc.Investor
Relationsir@flexshopper.com
FlexShopper, Inc.
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