Smith Micro Announces Repayment of Outstanding Debt
December 11 2018 - 6:30AM
Business Wire
Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the
“Company”) today announced the Company has repaid certain
short and long term debt obligations, significantly strengthening
the balance sheet as the Company enters 2019. The amount of debt
obligations that were repaid totaled $3.2 million.
Smith Micro announced on November 7, 2018 that it had completed
a private placement transaction with certain investors, and the
proceeds from this transaction were used to repay certain debt
obligations while also allowing maximum flexibility to execute on
other strategic initiatives.
“The recent financing was a significant final step in the
turnaround of our business, allowing us the flexibility to pay down
our debt obligations, strengthen our overall balance sheet, and
accelerate strategic initiatives,” said William W. Smith, Jr.,
President and CEO of Smith Micro Software. “We will enter 2019
extremely well positioned to maximize our business case, delivering
powerful solutions that will benefit both wireless carriers and
consumers worldwide.”
About Smith Micro Software, Inc.
Smith Micro develops software to simplify and enhance the mobile
experience, providing solutions to some of the leading wireless
service providers and Cable MSOs around the world. From enabling
the family digital lifestyle to providing powerful voice messaging
capabilities, our solutions enrich today’s connected lifestyles
while creating new opportunities to engage consumers via
smartphones and consumer IoT devices. Our portfolio also includes a
wide range of products for creating, sharing and monetizing rich
content, such as visual messaging, and 2D/3D graphics applications.
For more information, visit www.smithmicro.com.
Forward-Looking Statements:
Certain statements in this press release are forward-looking
statements regarding future events or results, including statements
related to our future business plans and operating and financial
results and the acceleration of strategic initiatives, and
statements using such words as “expect,” “anticipate,” “believe,”
“plan,” “intend,” “could,” “will” and other similar expressions.
Forward-looking statements involve risks and uncertainties, which
could cause actual results to differ materially from those
expressed or implied in the forward-looking statements. Among the
important factors that could cause or contribute to such
differences are our ability to continue as a going concern, our
ability to raise more funds to meet our capital needs, changes in
demand for our products from our customers and their end-users,
customer concentration, given that the majority of our sales depend
on a few large customer relationships, new and changing
technologies, customer acceptance and timing of deployment of those
technologies, and our ability to compete effectively with other
software and technology companies. These and other factors
discussed in our filings with the Securities and Exchange
Commission, including our filings on Forms 10-K and 10-Q, could
cause actual results to differ materially from those expressed or
implied in any forward-looking statements. The forward-looking
statements contained in this release are made on the basis of the
views and assumptions of management, and we do not undertake any
obligation to update these statements to reflect events or
circumstances occurring after the date of this release.
Smith Micro and the Smith Micro logo are registered trademarks
or trademarks of Smith Micro Software, Inc. All other trademarks
and product names are the property of their respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20181211005214/en/
PR INQUIRIES:Charles Messman+1
949-362-5800PR@smithmicro.com
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