LOUISVILLE, Ky., March 8, 2021 /PRNewswire/ -- Creative Realities,
Inc. ("Creative Realities," "CRI," or the "Company") (NASDAQ: CREX,
CREXW), a leading provider of digital marketing solutions, today
announced that it has entered into an Amended and Restated Credit
Agreement with the lender under its credit facility pursuant to
which the parties agreed to take certain actions to restructure
CRI's outstanding indebtedness to improve CRI's capital structure
and create flexibility to manage potential significant upcoming
projects by:
![(PRNewsfoto/Creative Realities, Inc.) (PRNewsfoto/Creative Realities, Inc.)](https://mma.prnewswire.com/media/955085/CRI_logo_Black_Teal_Logo.jpg)
- eliminating the three times liquidation preference upon
conversion of the Company's Secured Convertible Special Loan
Promissory Note;
- providing increased liquidity via $1.0
million of incremental availability under the new
Multi-Advance Line of Credit facility;
- extending the maturity date of the Company's debt facilities
from June 30, 2021 to March 31, 2023; and
- reducing outstanding debt via conversion of the Secured
Disbursed Escrow Promissory Note into the Company's common stock at
the ten-day volume weighted average price as of the close of market
on March 5, 2021.
"As the digital out-of-home industry emerges from the ongoing
COVID-19 pandemic, we're positioning the Company financially to
aggressively pursue important growth opportunities," said
Rick Mills, CEO of CRI. "We believe
that the additional $1.0M in
available liquidity, when combined with the elimination of the
three times liquidation preference on our Special Loan and the
extension of all debt instruments to March
31, 2023 generates continued forward momentum and
flexibility for our team to continue our relentless focus on
growing our business and creating shareholder value."
Mr. Mills continued, "Restructuring the Company's debt to more
favorable terms is another step in positioning CRI to take
advantage of opportunities that we are seeing emerge in the
marketplace as governments ease restrictions and closures
associated with the COVID-19 pandemic. We believe CRI now has ample
runway and access to capital to support our strategic investments
towards becoming a key enterprise provider in the digital signage
industry."
To learn more about Creative Realities, visit
https://cri.com/.
About Creative Realities, Inc.
Creative Realities
helps clients use the latest omnichannel technologies to inspire
better customer experiences. CRI designs, develops and deploys
consumer experiences for high-end enterprise level networks, and is
actively providing recurring SaaS and support services across more
than fifteen diverse vertical markets, including but not limited to
Automotive, Advertising Networks, Apparel & Accessories,
Convenience Stores, Foodservice/QSR, Gaming, Theater, and Stadium
Venues. The Company operates primarily throughout North America and has active contracts in more
than 10 countries.
Cautionary Note on Forward-Looking Statements
This
press release contains certain statements that are "forward-looking
statements" under Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and includes,
among other things, discussions of our business strategies, future
operations and capital resources. Words such as "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements.
Given these uncertainties, and the fact that forward-looking
statements represent management's estimates and assumption as of
the date of this press release, you should not attribute undue
certainty to these forward-looking statements. We assume no
obligation to update any forward-looking statements publicly, or to
update the reasons why actual results could differ materially from
those anticipated in any forward-looking statements contained in
this press release, even if new information becomes available in
the future.
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SOURCE Creative Realities, Inc.