D-BOX Technologies' Strong Financial Performance Reflected in Credit Limit Increase and More Favourable Terms.
D-BOX Technologies Inc. (“D-BOX” or the "Corporation") (TSX: DBO) a world leader in haptic and immersive entertainment, has entered into amending agreements relating to its loan facilities with the National Bank of Canada (“NBC”), via its Technology and Innovation Banking Group, and the Business Development Bank of Canada (“BDC”), providing for, among other things:
The upsized line of credit will be secured by first-ranking hypothec and security interests on all movable/personal property of the Corporation and its U.S. subsidiary and a guarantee from Export Development Canada. A portion of the available proceeds from upsizing the line of credit was used to fully repay the CAD$1 million term loan with NBC that was scheduled to mature in February 2024 and that had a balance of approximately CAD$870,000.
“These favourable amendments are a testament to D-BOX's solid financial performance in the recent quarters and the confidence shown by our valued financial partners,” said David Montpetit, Chief Financial Officer of D-BOX. “A special thank you to the Economic Development Agency of Canada for helping us secure the amendments to our line of credit. The upsizing of our line of credit and the extended maturities on our term loans provide greater flexibility in our treasury management while reducing our financial cost. These changes better position us as we continue to focus on building royalty-based revenue and driving profitable growth.”
“Our Group is a staunch ally of companies in the technology and innovation sectors,” said Maxime Page, Director, Technology and Innovation Banking at NBC. “We believe in the growth potential of D-BOX as well as in their business strategy, and are pleased to support them in their future projects.”
D-BOX creates and redefines realistic, immersive entertainment experiences by moving the body and sparking the imagination through effects: motion, vibration and texture. 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, music, relaxation, virtual reality applications, metaverse experience, themed entertainment or professional simulation, D-BOX creates a feeling of presence that makes life resonate like never before. D-BOX Technologies Inc. (TSX: DBO) is headquartered in Montreal with offices in Los Angeles, USA and Beijing, China. Visit D‑BOX.com.
Source: D-BOX Technologies Inc.