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Boardwalktech Completes Amendment/Extension to Loan FacilityCUPERTINO, CA, July 3, 2020 /CNW/ - (TSXV: BWLK) (OTCQB: BWLKF) – Boardwalktech Software Corp. ("Boardwalktech" or the "Company"), a leading digital ledger platform and enterprise software solutions company, has agreed with SQN Venture Income Fund, LP ("SQN") to amend and extend the loan facility currently in place with Boardwalktech Software Corp. pursuant to a loan amendment agreement entered into between the parties, dated June 30, 2020. Highlights of the loan amendment include:
"Since the last amendment June 2019, the Company has reduced the principal on its SQN loan by $1.5 Million (USD), through a combination of previously announced debt-to-equity conversions (on February 28,2020) along with other prepayments. These efforts reflect Boardwalktech's proactive, voluntary efforts to reduce its debt levels and retire such debt before maturity, in order to improve its balance sheet," said Andrew T. Duncan, CEO Boardwalktech. As of June 30, 2020, the current agreement has a total outstanding principal of $4,488,092 (USD) at an interest rate 12.5% per annum, which is unchanged. This is a straight term loan, without any additional call or conversion provisions, except as mutually agreed between the two parties. The terms of the amended agreement dated June 30, 2020 are subject to approval of the TSX Venture Exchange. About Boardwalktech Software Corp. 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 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. View original content:http://www.prnewswire.com/news-releases/boardwalktech-completes-amendmentextension-to-loan-facility-301088110.html SOURCE BoardwalkTech |