Quisitive Announces Amendment to Increase Credit Facility
TORONTO, Aug. 04, 2022 (GLOBE NEWSWIRE) — 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.”
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 Contact
Matt Glover and John Yi
Gateway Investor Relations
Chief of Staff
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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