Amended Credit Agreement with The Bank of Nova Scotia to update and align its terms with its existing credit facilities with Beedie Capital.
TORONTO, Sept. 26, 2022 /CNW/ - Think Research Corporation (TSXV: THNK) ("Think" or the "Company"), a healthcare technology company focused on transforming healthcare through knowledge-based digital health software solutions, is pleased to announce that today it has entered into an amended credit agreement (the "Amended Credit Agreement") with The Bank of Nova Scotia ("BNS" or the "Lender") that will harmonize the terms with its existing credit facilities with Beedie Investments Ltd. ("Beedie Capital").
The following material elements have been updated in the Amended Credit Agreement:
- The financial covenants will now conform to the financial covenants in the credit agreement with Beedie Capital;
- The amortization period for the term loan has been updated from 4 years to 3 years;
- The first principal repayment date for the term loan has been moved up by one month, from October 31, 2022 to September 30, 2022;
- In the event the Company wishes to use the loan proceeds to make acquisitions under the operating line or term loan, it will need to obtain the consent of BNS for acquisitions which would exceed, individually or in the aggregate, $3 million in any twelve month period;
- A most favoured nation clause in favour of BNS has been included, which provides that if the Company agrees with Beedie Capital to more favourable financial covenants from a lender's perspective, the Company will amend the Amended Credit Agreement agreement to make conforming changes.
Think also announces that upon mutual agreement with PI Financial Corp. ("PI Financial"), PI Financial's engagement for market-making services for the Company will terminate September 30, 2022.
About Think Research Corporation
Think Research Corporation is an industry leader in delivering knowledge-based digital health software solutions. The Company's focused mission is to organize the world's health knowledge so everyone gets the best care. Its evidence-based healthcare technology solutions support the clinical decision-making process, standardize care, to facilitate better health care outcomes. The Company gathers, develops, and delivers knowledge-based solutions globally to customers which typically includes enterprise clients, hospitals, health regions, healthcare professionals, and / or governments. The Company has gathered a significant amount of data by building its repository of knowledge through its network and group of companies, including acquired companies.
Think licenses its solutions to over 13,000 facilities for over 300,000 primary care, acute care, and long-term care doctors, nurses and pharmacists that rely on the content and data provided by Think to support their practices. Millions of patients and residents annually receive better care due to the essential data that Think produces, manages and delivers.
In addition, the Company collects and manages pharmaceutical and clinical trial data via the BioPharma Services entity that Think acquired on September 10, 2021. BioPharma Services is a leading provider of bioequivalence and Phase 1 clinical research services to pharmaceutical companies globally. Think's other services include a network of digital-first primary care clinics and medical clinics that provide elective surgery. Visit: www.thinkresearch.com.
Neither 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 news release.
For more information:https://www.thinkresearch.com/ca/investors/
SOURCE Think Research Corporation
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