TORONTO, May 31, 2018 (GLOBE NEWSWIRE) -- Snipp Interactive Inc. ("Snipp" or the “Company”) (OTCQB:SNIPF)
(TSX-V:SPN), a global provider of digital marketing promotions, rebates and loyalty solutions, today announced that it has entered
into a new $2 million credit facility with Bridge Bank. The credit facility is an accounts receivable line of credit for up to $2
million and provides Snipp with additional working capital.
“Adding a credit facility to our financial structure is another tangible sign of the growth of Snipp as a
company and a vote of confidence in our future,” said Snipp CEO Atul Sabharwal. “Although we are debt free, we realize that access
to additional funds will ensure our ability to maintain our growth without interruption. Financial flexibility has become
particularly important as the size and volume of our contracts continues to increase.”
“Bridge Bank is pleased to bring on board Snipp as a client,” said Michael Calvello, vice president in Bridge
Bank’s Capital Finance banking group. “We are excited about their growth potential, and look forward to providing them with
flexible financial solutions as they continue to execute their strategic plan.”
About Snipp:
Snipp is a global loyalty and promotions company with a singular focus: to develop disruptive engagement
platforms that generate insights and drive sales. Our solutions include shopper marketing promotions, loyalty, rewards, rebates and
data analytics, all of which are seamlessly integrated to provide a one-stop marketing technology platform. We also provide the
services and expertise to design, execute and promote client programs. SnippCheck, our receipt processing engine, is the market
leader for receipt-based purchase validation; SnippLoyalty is the only unified loyalty solution in the market for CPG brands. Snipp
has powered hundreds of programs for Fortune 1000 brands and world-class agencies and partners.
Snipp is headquartered in Toronto, Canada with offices across the United States, Canada, Ireland, Europe, and
India. The company is publicly listed on the OTCQB, of the OTC market in the United States of America, and on the Toronto Stock
Venture Exchange (TSX) in Canada. Snipp was selected to the TSX Venture 50®, an annual ranking of the strongest performing
companies on the TSX Venture Exchange, in 2015 and 2016. SNIPP IS RANKED AMONGST THE TOP 500 FASTEST GROWING COMPANIES IN NORTH
AMERICA On Deloitte’s 2017 Technology Fast 500™ List, for the second year in a row.
About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing
markets. Bridge Bank was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market
businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving
both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions including growth
capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management,
asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services.
Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank’s robust
national platform of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western
Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance ranks #2 on the Forbes 2018 “Best
Banks in America” list. For more information, visit bridgebank.com.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Snipp Interactive Inc.
Jaisun Garcha
Chief Financial Officer
investors@snipp.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, which may cause
actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could",
"will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify
forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks
and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those
factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and
uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those
products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market
factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to
update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such
forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright Snipp Interactive Inc. All rights reserved. All other trademarks and trade names are the property of
their respective owners.