Non-dilutive, ARR-based debt instrument for
growth-stage purposes
CUPERTINO, Calif., April 1,
2024 /CNW/ - (TSXV: BWLK) (OTCQB: BWLKF) -
Boardwalktech Software Corp ("Boardwalktech" or
the "Company"), a leading digital ledger platform
and enterprise software solutions company, is pleased to announce
that as of March 28, 2024, the Company has
secured a three-year $US4.0 million Line-of-Credit
("LOC") facility with Celtic Bank, for growth needs including
expansion of its recurring revenue. The Company expects to use the
proceeds of this LOC for sales and marketing expenditures,
working capital requirements, and to enhance its balance sheet to
drive new business.
Key terms of the LOC facility include:
- $US4.0 million total facility, up
to 60% of trailing 12-month ARR (annual recurring revenue)
- Interest-only period through the initial three-year term. The
LOC may be extended by both parties
- 12.5% initial interest rate, based on Prime (Wall Street
Journal) plus 4%
- Non-dilutive: No warrants, conversions, or Loan Bonuses
included
"After entertaining several offers, during a challenging
financing environment, we are very pleased to partner with Celtic
Bank to provide us the funds and flexibility to address working
capital needs for growth. While the Company continues to progress
towards cash-based breakeven, this LOC facility provides
Boardwalktech with the flexibility to achieve its growth potential,
without relying upon market conditions nor equity sources," said
Andrew T. Duncan, CEO of Boardwalktech. "Customer
demand for our Unity Central, Velocity, and Digital Ledger products
necessitate both available Sales and Marketing resources to
monetize those recurring revenue opportunities, while putting
sufficient cash on our balance sheet to ease due diligence needs
during such engagements. As such, we look forward to announcements
reflecting that progress."
About Celtic Bank
Founded in 2001 and headquartered in Salt Lake City, Utah, Celtic Bank is an
industrial bank specializing in a diverse range of financing
solutions for businesses. The bank's early focus was in small
business lending through the SBA loan program and Celtic continues
to consistently rank in the top 10 SBA lenders nationwide by dollar
volume. Over the years, the bank has expanded its offerings through
financial technology partnerships and has grown its assets in other
sectors, including renewable energy, equipment, asset-based
lending, software/technology, and franchising, allowing the bank to
assist a broad range of commercial customers across different
industries and lifecycles. Celtic Bank is an Equal Housing Lender,
Member FDIC. For more information about Celtic Bank and recurring
revenue financing at Celtic Bank, contact Daniel Godfrey at
DGodfrey@celticbank.com, or visit: www.celticbank.com.
About Boardwalktech Software Corp.
Boardwalktech has developed a patented Digital Ledger Technology
Platform currently used by Fortune 500 companies
running mission-critical applications worldwide. Boardwalktech's
digital ledger technology and its unique method of managing vast
amounts of structured and unstructured data is the only platform on
the market today where multiple parties can effectively work on the
same data simultaneously while preserving the fidelity and
provenance of the data. Boardwalktech can deliver collaborative,
purpose-built enterprise information management applications on any
device or user interface with full integration with enterprise
systems of record in a fraction of the time it takes other
non-digital ledger technology-based platforms. Boardwalktech is
headquartered in Cupertino,
California with offices in India and operations in North America. For more information on
Boardwalktech, visit our website at www.boardwalktech.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation and may also contain statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking information and statements are not
representative of historical facts or information or current
condition, but instead represent only the Company's beliefs
regarding future events, plans or objectives, many of which, by
their nature, are inherently uncertain and outside of the Company's
control. Generally, such forward-looking information or statements
can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken",
"will continue", "will occur" or "will be achieved".
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of the Company is speculative and
subject to several risks including, without limitation, the risks
discussed under the heading "Risk Factors" in the Company's filing
statement dated May 30, 2018.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in the forward-looking information and forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions. Although the Company believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws. All subsequent written and oral
forward- looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
Neither 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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SOURCE BoardwalkTech