LONGUEUIL, Quebec, July 31, 2019 (GLOBE NEWSWIRE) -- D-BOX Technologies Inc. (DBO.TO), a leader in innovative motion technology, today announced that it has entered into a loan agreement with National Bank of Canada pursuant to which a three-year secured revolving credit facility of $5.0 million has been made available to D-BOX. This new credit facility will mature three years from the date hereof and bear interest at an annual rate equal to National Bank of Canada’s floating rate of interest applicable to commercial loans in Canadian dollars plus 2.25%, which interest is payable monthly. The credit facility is secured by a hypothec and security interests on all of the assets of D-BOX and its wholly-owned US subsidiary. The amount of the credit facility will gradually reduce over the term of the facility at the end of each quarter, such that the amount of the credit facility at the end of each year will be as follows: $4.5 million dollars at the end of year one, $3.8 million at the end of year two, and $3.0 million at the end of year three.
An amount of 4M$ was fully drawn from the credit facility at closing to reimburse, together with cash available, a $5M loan (plus accrued interest) which was maturing on February 5, 2020.
“We firmly believe that the National Bank of Canada is a financial partner that is an advocate to Canadian innovation and is committed to support our expansion.” said Claude Mc Master, President and Chief Executive Officer of D-BOX.
D-BOX redefines and creates hyper-realistic, immersive entertainment experiences by moving the body and sparking the imagination through motion. This expertise is one of the reasons why D-BOX has collaborated with some of the best companies in the world to deliver new ways to enhance great stories. Whether it’s movies, video games, virtual reality applications, themed entertainment or professional simulation, D-BOX has the technology and experience to make sure you feel it all.
D-BOX Technologies Inc. is a publicly traded Canadian company listed on the Toronto Stock Exchange (DBO.TO). The head office is located in Montreal and offices are based in Los Angeles, USA and Beijing, China.
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS
Certain statements included herein, including those that express management’s expectations or estimates of our future performance, constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to place undue reliance on forward-looking statements. D-BOX disclaims any intent or obligation to publicly update these forward‑looking statements, whether as a result of new information, future events or otherwise.
For more information:
|D-BOX TECHNOLOGIES INC. |
Chief Financial Officer
|Steve Li |
Vice-President Investor Relations and Corporate Strategy
450-442-3003, ext. 403