Arlington, VA, USA, June 3, 2022 (GLOBE NEWSWIRE) Edge Total Intelligence Inc. (TSXV: CTRL/ FSE:Q5i) (“edgeTI”, “We”, “Our” or the “Company”), a leader in real-time digital operations solutions, announces that edgeTI’s independent directors have approved a credit letter agreement (the “Credit Agreement”) with Lotus Domaine III, L.P. (“Lotus”, or “Lender”), an investment fund managed by a director of the Company, effective June 1, 2022, for the advancement of a non-revolving term loan in the amount of up to US$1,000,000 (the “Credit Facility”). The proceeds of the Credit Facility, to be advanced by way of drawdown notices in the minimum amount of US$100,000. The purpose of each drawdown shall be stated on each drawdown notice and such purpose shall be approved by Lender at the time of each advance.
The Credit Facility has a maturity date of May 31, 2025, and bears interest at the annual rate of 5%, payable quarterly. It may be prepaid at any time prior to the maturity date, in whole or in part, without premium or penalty. No commission or bonus was paid in connection with the Credit Facility, and the Credit Facility is not convertible into any securities of the Company.
As a result of Lotus being considered an insider, the Credit Facility is considered to be a related party transaction under applicable securities laws and subject to the provisions of Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied upon exemptions in respect of the formal valuation and minority shareholder approval requirements under applicable securities laws. The Credit Facility is not subject to the formal valuation requirements under Multilateral Instrument 61-101 –Protection of Minority Security Holders in Special Transactions (“MI 61-101”), and the Company has relied upon the exemption in paragraph (f) of section 5.7(1) of MI 61-101 as the non-conflicted directors have determined that the Credit Facility is being made on reasonable commercial terms that are not less advantageous to the Company than if obtained from an arm’s length party. The loan is subject to the completion of due diligence by the lender.
Edge Total Intelligence (“edgeTI”) helps customers achieve the impossible with its real-time digital operations software, edgeCore™. Global enterprises, service providers, and governments are more profitable when insight and action are united to deliver fluid experiences via the platform’s low-code development capability. With edgeTI, customers improve their margins and agility by rapidly transforming siloed systems and data across evolving situations in business, technology, and cross-domain operations. Traded on: TSXV: CTRL FSE: Q5i
Learn more at https://edgeti.com/investors.
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Forward-Looking Information and Statements
Certain statements in this news release are forward-looking statements or information for the purposes of applicable Canadian and US securities law. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, completion of due diligence by the lender, business, economic and capital market conditions.
Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, competition and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.