TORONTO, Oct. 1, 2018 /CNW/ -- Quisitive Technology
Solutions Inc. ("Quisitive" or the "Company") (TSXV:QUIS), a
premier Microsoft solutions provider that helps customers navigate
the ever-changing technology climate that their business relies
upon, announced it has approved a new credit facility with Seacoast
Business Funding. The total facility will be US$2,500,000 and the term will be for 24 months.
The facility will be secured by a first lien security interest in
the assets of the Company's subsidiary Quisitive, LLC. Interest
will be at LIBOR plus 7% and will have an additional service cost
of 0.4% on outstanding invoices. Quisitive has come to an agreement
with Bank of America to repay its existing line of credit facility
and other loan arrangements by October
19th. As part of the transition, Mike Reinhart, CEO, has injected US$300,000 into the Company, to be repaid once
the Seacoast credit facility is fully funded. Terms of the loan
with Mr. Reinhart are similar to the rates that Bank of America
were charging.
"The increased facility will benefit Quisitive as we grow and
provide the needed working capital," said Mike Reinhart. "We are looking forward to
working with our new partners Seacoast."
About Quisitive
Quisitive is a premier Microsoft solutions provider that helps
customers navigate the ever-changing technology climate that their
business relies upon. With a legacy of innovation and deep
technical expertise, Quisitive is empowering the enterprise to
harness Microsoft Azure cloud and use emerging technologies such as
blockchain, artificial intelligence, machine learning, and the
Internet of Things (IoT) like never before through customized
solutions and first-party cloud-based products.
Quisitive is uniquely comprised of former Microsoft leaders and
technologists who share a deep understanding of market needs and
the appropriate application of Microsoft cloud technology.
Quisitive serves clients globally with offices in Dallas, TX, Denver,
CO and Toronto, Ontario.
For more information, visit http://www.Quisitive.com or follow
@BeQuisitive.
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.
Forward-Looking Statements: Some statements in
this news release contain forward-looking information. These
statements include, but are not limited to, statements with respect
to proposed activities, consolidation strategy and future
expenditures. These statements address future events and conditions
and, as such, involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements.
Such factors include, among others the receipt of applicable
regulatory approvals, the limited history of operations, lack of
profitability, availability of financing including
pursuant to the proposed new credit facility,
execution of required documentation to give effect to the new
proposed credit facility, the need for additional financing
and the timing and amount of expenditures, ability to successfully
execute on consolidation strategies, the failure to find
economically viable acquisition targets, funding for internally
developed technology solutions, client retention and attrition,
client demands, reliance on key personnel, economic spending in the
IT industry and technological changes in the IT industry. Quisitive
Technology Solutions Inc. does not assume the obligation to update
any forward-looking statement.
SOURCE Quisitive Technology Solutions Inc.