TORONTO, Dec. 4, 2024
/CNW/ - Pluribus Technologies Corp. (TSXV: PLRB) ("Pluribus"
or the "Company") announces that, on December 3, 2024, it received a demand letter
(the "Demand Letter") from National Bank of Canada (the "Lender") to pay amounts
owed under a secured credit agreement (the "Credit
Agreement") dated April 27, 2022,
as amended, among the Lender, the Company, and certain of its
subsidiaries. In the Demand Letter, the Lender has demanded
immediate payment of the sum of C$10,334,246.28 and US$857,668.71 owed under the Credit Agreement,
plus interest and certain costs up to the date of payment.
Furthermore, the Lender confirmed that the Lender's obligation
to make further credit or other accommodations available to the
Company under the Credit Agreement has been terminated and no
further credit is available to the Company thereunder (except in
respect of a certain corporate credit card). On December 3, 2024, the Lender has also delivered
to the Company a Notice of Intention to Enforce Security (the
"BIA Notice") pursuant to the Bankruptcy and Insolvency
Act (Canada) in respect of
amounts owed under the Credit Agreement. Pursuant to section
244 of the Bankruptcy and Insolvency Act (Canada), the Lender shall not enforce the
security over the collateral granted by the Company until the
expiry of 10 days after sending the BIA Notice unless the Company
consents to an earlier enforcement of the security.
The Company does not intend to consent to earlier enforcement
and is in the process of exploring available options and will
provide an update when further disclosure is required or otherwise
appropriate.
Forward-Looking Information
Certain information in this press release constitutes
forward-looking statements under applicable securities laws. Any
statements that are contained in this press release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "potential",
"believe", "intend" or negatives of these terms and similar
expressions.
Readers are cautioned that the foregoing is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ from those anticipated.
Forward-looking statements are not guarantees of future
performance. The purpose of forward-looking information is to
provide the reader with a description of management's expectations,
and such forward-looking information may not be appropriate for any
other purpose. Except as required by law, the Company disclaims any
obligation to update or revise any forward-looking statements,
whether as a result of new information, events or otherwise.
Forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
Contact:
Diane Pedreira
Chief Operating Officer
Pluribus Technologies Corp.
1 (800) 851-9383
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SOURCE Pluribus Technologies Corp.