Financing from leading Canadian commercial
lender closed in conjunction with the acquisition of
Savision
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OTTAWA, Nov. 2, 2018 /CNW/ - Martello Technologies
Group Inc. (TSXV: MTLO), ("Martello" or the "Company"), a leading
provider of network performance management solutions for real-time
communications announced today that it has closed a financing with
Royal Bank of Canada (RBC) for new
loan facilities through its subsidiary Martello Technologies
Corporation (the "Loan"). The financing includes a term loan of
$3 million, in conjunction with the
acquisition of Savision B.V.
This new financing is comprised of a term loan, a revolving
facility and other ancillary facilities. The term loan of
$3 million bears an interest rate of
5.40% per annum and is repayable over a term of 36 months. The
revolving facility, in the amount of up to $1 million, bears a variable interest rate based
on the RBC prime rate and is repayable on demand.
The facilities are secured by a general security agreement on
the property of Martello Technologies Corporation, a subsidiary of
the Company, as well as secured guarantees from five other
subsidiaries of the Company and the Company itself.
"This loan facility from Royal Bank of Canada will solidify our foundation for growth
and help fuel Martello's 'build and buy' strategy, which includes
the acquisition of Savision", said John
Proctor, president and CEO of Martello. "We appreciate the
confidence placed in us by one of Canada's largest commercial lending
institutions".
Recent acquisition activities for Martello include the
acquisition of Savision B.V. announced in October 2018, after having acquired Elfiq
Networks in December 2017 and
Netvitesse in 2014. The Company's solutions have also been
recognized by the industry. In September, Martello received a
Frost & Sullivan Leadership Award for NPM (Network Performance
Management) and ranked as Ottawa's
Fastest Growing Company, at No. 28 on the Growth 500 list of
Canada's Fastest Growing
Companies. The Company recently went public with a TSXV listing,
following the closure of an oversubscribed $7.5 million private placement.
About Martello Technologies Group
Martello Technologies Group Inc. (TSXV: MTLO) delivers
confidence in network performance. Our solutions manage and
optimize the performance of real-time services on cloud and
enterprise networks and include network performance management
software and SD-WAN technology. Over the top (OTT) service
providers and enterprises around the world rely on Martello's
technology to deliver better service quality and a reliable user
experience. Designed for real-time communications such as voice and
video, Martello's solutions detect, identify and address network
performance problems BEFORE service quality is impacted. Martello
Technologies Group is a public company headquartered in
Ottawa, Canada with offices in
Montreal, Canada and Paris, France. Learn more at
http://www.martellotech.com
FORWARD LOOKING STATEMENTS: This press release contains
forward-looking statements that address future events and
conditions, which are subject to various risks and
uncertainties. Actual results could differ materially from those
anticipated in such forward-looking statements as a result of
numerous factors, some of which may be beyond the Corporation's
control. These factors include: general market and industry
conditions, risks related to continuous operations and to
commercialization of new technologies and other risks disclosed in
the Corporation's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and
opinions of the Corporation's management on the date the statements
are made. The assumptions used in the preparation of such
statements, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. The Corporation
expressly disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
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 Martello Technologies Group