TORONTO, March 7,
2024 /CNW/ - Pluribus Technologies Corp. (TSXV: PLRB)
("Pluribus" or the "Company") announces a further
amendment (the "Amendment") to the previously-announced
forbearance agreement dated January 18,
2024, between the Company and National Bank of Canada (the "Lender"), relating to a
secured credit agreement dated April 27,
2022, as amended, among the Company, certain of its
subsidiaries and the Lender. Under the Amendment, the Lender has
agreed to provide a further extension for payment of an
amortization payment that was originally due on February 29, 2024 to allow the Company to
continue its previously announced strategic review process, which
involves a review and evaluation of strategic alternatives that may
be available to the Company to further enhance the Company's
growth, development and prosperity in the short and long terms,
with the goal of maximizing shareholder value.
The Company will provide an update when further disclosure is
required or otherwise appropriate.
About Pluribus Technologies Corp.
Pluribus is a technology company that is a value-based acquirer
and operator of small, profitable business-to-business technology
companies in a range of verticals and industries. Pluribus provides
its acquisitions access to experienced sales and marketing
resources, strategic partnership opportunities, a diverse portfolio
of customers in different geographical markets and enabling
technologies to create new revenue streams and provide the
opportunity for these companies to grow in their respective
markets. When market conditions are conducive to raising capital at
reasonable costs, Pluribus focuses on rapidly acquiring and
integrating new acquisitions to accelerate growth. When the
environment does not support this, Pluribus focuses on implementing
strategies to maximize organic growth and increase cashflow from
operations in its existing portfolio companies. For more
information, please visit: pluribustechnologies.com.
Forward-Looking Information
Certain information in this press release constitutes
forward-looking statements under applicable securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking information in this press release
includes, but is not limited to, statements with respect to whether
the Lender will continue to forbear from exercising their rights
and remedies on expiry of the Forbearance Agreement and what the
terms or timing of such a transaction or such continued forbearance
might be, the Company providing an update when further disclosure
is required or otherwise appropriate, the business plans of the
Company, including the completion of future acquisitions, the
Company management's expectation on the growth, profitability and
performance of its portfolio companies, the Company's ability to
acquire business-to-business technology companies in the future,
the Company's ability to grow its portfolio companies and the
Company achieving a positive transaction as a result of its
strategic review process. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate",
"expect", "potential", "believe", "intend" or negatives of these
terms and similar expressions.
Forward-looking statements are based on certain assumptions,
including the Company's ability to manage a complex portfolio of
companies effectively; and the Company's ability to
raise sufficient financing to continue its acquisition strategy.
Other assumptions include industry trends, the availability of
growth opportunities, and general business, economic, competitive,
political, regulatory and social uncertainties will not prevent the
Company from conducting its business. While the Company considers
these assumptions to be reasonable based on information currently
available, they are inherently subject to significant business,
economic and competitive uncertainties and contingencies and they
may prove to be incorrect. Forward-looking information speaks only
to such assumptions as of the date of this release.
Readers are cautioned that the foregoing is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ from those anticipated.
Forward-looking statements are not guarantees of future
performance. The purpose of forward-looking information is to
provide the reader with a description of management's expectations,
and such forward-looking information may not be appropriate for any
other purpose. Except as required by law, the Company disclaims any
obligation to update or revise any forward-looking statements,
whether as a result of new information, events or otherwise.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
Contact:
Richard Adair
Chief Executive Officer
Pluribus Technologies Corp.
1 (800) 851-9383
View original
content:https://www.prnewswire.com/news-releases/pluribus-technologies-corp-announces-further-amendment-to-forbearance-agreement-302083074.html
SOURCE Pluribus Technologies Corp.