Quisitive Announces Amendment to Increase Credit Facility
August 04 2022 - 4:05PM
Quisitive Technology Solutions Inc. (“Quisitive” or the
“Company”) (TSXV: QUIS, OTCQX: QUISF), a premier Microsoft
solutions and payment solutions provider, announces that it has
executed a third amendment to its existing credit facility (the
“
Credit Facility”) with a syndicate of
institutions led by Bank of Montreal and including Desjardins
Capital Markets that, among other things, provides for a new US$9.5
million non-revolving, five-year term loan (the “
New
Loan”).
The proceeds from the New Loan are expected to
be used to fund earn-out obligations on previously completed
acquisitions and for general corporate purposes. The New Loan is
repayable quarterly with interest consistent with the Company’s
existing rates on the Credit Facility based on a price grid. The
New Loan also provides for an increase of the Company’s total
senior debt to EBITDA covenant ratio to 3.25:1.00 through December
31, 2022. Quisitive CFO Scott Meriwether noted, “The New Loan will
enable us to preserve our cash position to protect against
potential recessionary headwinds, to make further investments in
the LedgerPay platform and to fund, in part, potential future
acquisitions.”
About Quisitive:Quisitive
(TSXV: QUIS, OTCQX: QUISF) is a premier, global Microsoft partner
that harnesses the Microsoft platform and complementary
technologies, including custom solutions and first-party offerings,
to generate transformational impact for enterprise customers. Our
Cloud Solutions business focuses on helping enterprises move,
operate, and innovate in the three Microsoft clouds. Centering on
our LedgerPay product suite, our Payments Intelligence® solution
leverages the Microsoft Azure cloud to transform the payment
processing industry into an entirely new source of customer
engagement and consumer value. Quisitive serves clients globally
from seventeen employee hubs across the world. For more
information, visit www.Quisitive.com and follow @BeQuisitive.
Quisitive Investor ContactMatt
Glover and John YiGateway Investor RelationsQUIS@gatewayir.com
949-574-3860
Tami AndersChief of Stafftami.anders@quisitive.com
Cautionary Note Regarding Forward
Looking Information
This news release contains certain
“forward‐looking information” and “forward‐looking statements”
(collectively, “forward‐ looking statements”) within the meaning of
applicable Canadian securities legislation regarding Quisitive and
its business. Any statement that involves discussions with respect
to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as “expects”, or “does not expect”,
“is expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or
“intends” or variations of such words and phrases or stating that
certain actions, events or results “may” or “could, “would”,
“might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward‐looking
statements. Forward‐ looking statements are necessarily based upon
a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward‐looking statements. These forward-looking statements
include, but are not limited to, statements relating to: the use of
proceeds from the New Loan; the Company’s future business strategy,
competitive strengths, and goals; the expansion and growth of the
Corporation’s business, operations and plans; dependence on
economic and market conditions including; the future success of the
Company’s LedgerPay platform; and projected milestones and
timelines. The risks and uncertainties that may affect
forward-looking statements, or the material factors or assumptions
used to develop such forward-looking information, are described
under the heading "Risks Factors" in the Company's annual
information form dated June 23, 2022, which are available under the
Company’s issuer profile on SEDAR at www.sedar.com. There can be no
assurance that forward-looking information, or the material factors
or assumptions used to develop such forward-looking information,
will prove to be accurate. The Company does not undertake any
obligations to release publicly any revisions for updating any
voluntary forward-looking statements, except as required by
applicable securities 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.
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