MONTREAL, July 31, 2024 (GLOBE NEWSWIRE) — D-BOX Technologies Inc. (“D-BOX” or the “Corporation”) (TSX: DBO), a global leader in haptic and immersive entertainment, today announced amendments to its loan facility agreements with National Bank of Canada (“NBC”) through its Technology and Innovation Group, including:
- An increase in its operating line of credit with BNC (the “BNC Line of Credit”) from C$5.5 million to C$8.0 million and the elimination of the restrictive covenant relating to maximum capital expenditures;
- An extension of the maturity of the C$1 million term loan entered into in September 2021 with the BNC and guaranteed by the Business Development Bank of Canada (“BDC”) under the Highly Affected Sectors Credit Availability Program, from September 30, 2025 to September 30, 2027 (the “HACSP Loan”).
“These amendments consisting of an increase in the credit line, the elimination of the maximum capital expenditure covenant and the extension of the term loan maturity provide us with greater flexibility as we look to D-BOX’s next phase of profitable growth,” said Josh Chandler, D-BOX’s Chief Financial Officer.
The line of credit with BNC and the PCSTT loan will be secured by a first mortgage and by security interests on all assets of the Company and its U.S. subsidiary. The line of credit with BNC is partially guaranteed by Export Development Canada.
ABOUT D-BOX
D-BOX redefines and creates realistic, immersive and haptic entertainment experiences by providing full-body feedback and stimulating the imagination through motion, vibration and texture effects. D-BOX has collaborated with some of the world’s best companies to offer new ways to tell stories in a more captivating way. From movies, video games, music, relaxation, virtual reality applications, metaverse experiences, themed entertainment or professional simulators, D-BOX creates a sense of presence that vibrates the world in a new way. D-BOX Technologies Inc. (TSX: DBO) is headquartered in Montreal with offices in Los Angeles, USA and Beijing, China. Visit D-BOX.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this press release may constitute “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements may include, but are not limited to, statements about the Corporation, its plans, business, objectives, operations, strategy, business prospects, financial results and financial condition or the assumptions underlying them. In this MD&A, words such as “may”, “likely”, “believe”, “anticipate”, “expect”, “intend”, “plan”, “estimate” and similar expressions, their conditional or future form, and their negative form, are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results and are not necessarily accurate indications of whether, how or when such future performance will be achieved. By their very nature, forward-looking statements are subject to numerous risks and uncertainties and are based on several assumptions that give rise to the possibility that actual results may differ materially from the Company’s expectations expressed or implied in these forward-looking statements. No assurance can be given that the events anticipated by the forward-looking statements will occur, including, but not limited to, the Company’s plans, activities, objectives, operations, strategy, business prospects, financial results and condition.
Forward-looking statements are presented in this press release for the purpose of providing information about management’s current expectations and plans and to allow investors and others to better understand the environment in which the Company operates. However, readers are cautioned that these forward-looking statements may not be appropriate for other purposes.
These forward-looking statements are based on information then available or on management’s good faith beliefs regarding future events. They are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company’s control.
Risks, uncertainties and assumptions that could cause actual results to differ materially from the Company’s expectations expressed or implied in the forward-looking statements include, but are not limited to, the ability to increase royalty-based revenues and generate profitable growth. These and other risk factors that could cause actual results to differ materially from expectations expressed or implied in the forward-looking statements are described in the section entitled “Risk Factors” in the Annual Information Form for the year ended March 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.ca.
Except as required by Canadian securities laws, the Company undertakes no obligation to update or revise any forward-looking statements contained in this press release to reflect new information, subsequent events or circumstances or for any other reason.
The Company cautions readers that the risks listed above are not the only ones that may affect it. Other risks and uncertainties, not currently known to the Company or that the Company considers immaterial, could also have a material adverse effect on its business, financial condition or results of operations.
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