TORONTO, July 31,
2024 /CNW/ -- Sabio Holdings Inc. (TSXV: SBIO)
(OTCQB: SABOF)
(the "Company" or "Sabio"), a
California-based ad-tech company
that specializes in delivering highly targeted ads, insights, and
services in ad-supported streaming to top Fortune 100 brands, is
pleased to announce the closing of a new credit facility pursuant
to the terms of a credit agreement between its U.S. operating
subsidiaries and SLR Digital Finance ("SLRDF").
The facility replaces the Company's existing credit facility
with Avidbank and provides for a US$10
million senior-secured revolving credit facility at an
interest rate of the greater of: (i) Prime rate plus 2.15%, or (ii)
8.5%. The facility has a three (3)-year term and is secured against
all of the assets of the Company. Advances made under the facility
will be available up to an amount equal to: (a) 85% of eligible
accounts receivable of Sabio, Inc., AppScience, Inc. and FWD Tech
Inc., the Company's U.S. subsidiaries; plus (b) the lesser of (i)
70% of the aggregate outstanding amount of eligible unbilled
receivables or (ii) $3,000,000.
"We are pleased to partner with the team at SLR Digital Finance.
As a former lender to Sabio under an earlier iteration, SLR has a
deep understanding of our business and the broader digital media
landscape," said Sajid Premji,
Sabio's Chief Financial Officer. "We believe the new facility will
provide Sabio with greater balance sheet flexibility at a
competitive cost of capital. It will also fortify our balance sheet
through several advantages over our previous arrangement, which
includes increased liquidity and long-term stability through a
multi-year term."
"Sabio has been the leader in ad-supported streaming television
for many years, and we're thrilled to be partnering with them
again," said Randy Mitzman, Managing
Director at SLRDF. "Our flexible structure will allow them to be
well positioned for future growth in a very competitive
market."
Amendment to Articles of Incorporation and By-laws
Sabio is also pleased to advise that it has, further to approval
of the shareholders at the annual general and special meeting held
June 20, 2024, amended its Articles
of Incorporation (the "Amended Articles") and By-laws
(together with the Amended Articles, the "Constating
Documents"). The Amended Articles are expected to facilitate a
more streamlined conversion between the Company's common shares and
restricted voting shares, and the amendment to the Company's
By-laws are expected to establish a clear framework for nominating
directors in connection with any annual or special meeting of
shareholders of the Company. The Constating Documents have been
approved by the TSX Venture Exchange and filed under the Company's
profile on SEDAR+.
About Sabio
Sabio Holdings (TSXV: SBIO, OTCQB: SABOF) is a technology and
services leader in the fast-growing ad-supported streaming space.
Its cloud-based, end-to-end technology stack works with top blue
chip, global brands and the agencies that represent them to reach,
engage, and validate streaming audiences. Sabio Holdings' companies
consist of Sabio – a demand-side platform (DSP) powered through our
proprietary ad-serving technology; App Science™ – a
non-cookie-based software as a service (SAAS) analytics and
insights platform with AI natural language capabilities; and Sabio
SSP (formerly known as Vidillion) – an ad-supported streaming
supply-side platform (SSP) that includes server-side ad-insertion
(SSAI) technology.
For more information, visit: sabioholding.com.
About SLR Digital Finance
SLR Digital Finance is the leading asset-based lender serving
digital media companies looking for an alternative to traditional
bank financing. SLRDF offers factoring and asset-based loans up to
$150 million and finds ways to
provide borrowers with maximum availability and flexibility. SLRDF
serves advertising technology companies, publishers, ad networks,
creative studios, agencies, and digital platforms.
SLRDF is a wholly owned subsidiary of SLR Business Credit, an SLR
Investment Corp. company [NASDAQ: SLRC].
Forward-Looking Statements
This press release may contain certain forward-looking
information and statements ("forward-looking information")
within the meaning of applicable Canadian securities legislation,
which is often, but not always, identified by the use of words such
as "believes," "anticipates," "plans," "intends," "will," "should,"
"expects," "continue," "estimate," "forecasts," or the negative
thereof and other similar expressions. All statements herein
other than statements of historical fact constitute forward-looking
information including, but not limited to, statements in respect
of: balance sheet and cash flow management and expectations
regarding greater balance sheet flexibility and improved balance
sheet position, and the expected effects of the amendments to the
Constating Documents. Readers are cautioned to not place undue
reliance on forward-looking information. Actual results and
developments may differ materially from those contemplated by these
statements. The Company undertakes no obligation to comment on
analyses, expectations, or statements made by third parties in
respect of the Company, its securities, or financial or operating
results (as applicable). Although the Company believes that the
expectations reflected in forward-looking information in this press
release are reasonable, such forward-looking information has been
based on expectations, factors, and assumptions concerning future
events that may prove to be inaccurate and are subject to numerous
risks and uncertainties, certain of which are beyond the Company's
control, including the effect of the macro-economic environment
adversely impacting the Company's business more than anticipated,
unexpected funding and cash flow management difficulties, and the
other risk factors disclosed in the Company's annual information
form (AIF), which is publicly available on SEDAR+
at www.sedarplus.ca. The Company has assumed that
the material factors referred to herein will not cause such
forward-looking statements and information to differ materially
from actual results or events. However, there can be no assurance
that such assumptions will reflect the actual outcome of such items
or factors. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement and is
made as of the date hereof. The Company disclaims any intention and
has no obligation or responsibility, except as required by law, to
update or revise any forward-looking information, whether as a
result of new information, future events or
otherwise.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy any securities in any
jurisdiction.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information: Sajid
Premji, Chief Financial Officer, investor@sabio.inc, Phone:
1.844.974.2662; Aideen McDermott,
Investor Relations, investor@sabio.inc
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SOURCE Sabio Inc.