TORONTO, June 22, 2023 (GLOBE NEWSWIRE) -- ARHT Media Inc. ("ARHT" or "the Company") (TSXV:ART), (OTCQB:ARHTF) the global leader in the development, production and distribution of high-quality, low latency hologram and digital content, today announced that it has entered into an accounts receivable facility with Sallyport Commercial Finance ("Sallyport") for up to C$2 million. Under the terms of the agreements signed with Sallyport, the Company can draw down up to $2 million CAD based on its accounts receivable and inventory balances and includes other terms such as the ability to repay the facility at any time without penalty. This line of credit comes with a one-year term and an annual interest rate of approximately 14%. The loan proceeds will be used to fund working capital, and the facility is secured by accounts receivable and inventory assets. In addition, the Company's subsidiaries have provided guarantees on the facility.
Larry O’Reilly, CEO of ARHT Media, stated that “the additional capital available under this credit line will provide flexibility in working capital during this growth stage of ARHT Media’s development. We are very pleased to secure this non-dilutive capital and appreciate the support from our tremendous partner, Sallyport Commercial Finance.”
About ARHT
ARHT is a pioneer and the global leader in live hologram technology. Thanks to its patented end-to-end technology, executives, medical experts, educators, entertainers, and thought leaders can travel at the speed of light to any destination.
ARHT was founded in 2014 and is publicly traded on the TSX Venture Exchange. ARHT has offices in North America, Europe and Asia and operates from its own studios in locations from Toronto to Sydney, as well as a large network of partner studios in every region.
About Sallypoint Commercial Finance
Sallyport Commercial Finance is an independently owned and operated, national leader in specialty finance. Sallyport works with entrepreneurial business owners to help them get access to the capital they need to grow. Offering a wide range of programs based on Accounts Receivable capabilities, Sallyport creates custom-tailored solutions that are as unique as the clients and businesses they work with.
Connect with ARHT:
LinkedIn: https://www.linkedin.com/company/arht-tech
Instagram: https://www.instagram.com/arht.tech
Facebook: https://www.facebook.com/arht.tech
Twitter: https://twitter.com/arht_tech
Youtube: https://www.youtube.com/@arht-tech
For more information, please visit www.arht.tech/about/investors or www.arht.tech.
Alternatively, email us directly at info@arht.tech
ARHT trades under the symbol "ART" on the TSX Venture Exchange.
Press Inquiries:
Salman Amin
samin@arht.tech
ARHT
Hanna Ayyad
Chief Financial Officer
+1-416-782-8042 (head office)
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the intention to exercise convertible securities of the Company; disclosure related to the Company's sales funnel; the Company's technology; the potential uses for the Company's technology; the future planned events using the Company's technology; the future success of the Company; the ability of the Company to monetize the ARHT Media technology; the development of the Company's technology; and interest from parties in ARHT's products. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic and competitive uncertainties; regulatory risks; risks inherent in technology operations; and other risks of the technology industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
