Quisitive Technology Solutions Inc. Approves New Credit Facility with Seacoast Business Funding
TORONTO, Oct. 1, 2018 /CNW/ -- Quisitive Technology Solutions Inc. ("Quisitive" or the "Company") (TSXV:QUIS), a premier Microsoft solutions provider that helps customers navigate the ever-changing technology climate that their business relies upon, announced it has approved a new credit facility with Seacoast Business Funding. The total facility will be US$2,500,000 and the term will be for 24 months. The facility will be secured by a first lien security interest in the assets of the Company's subsidiary Quisitive, LLC. Interest will be at LIBOR plus 7% and will have an additional service cost of 0.4% on outstanding invoices. Quisitive has come to an agreement with Bank of America to repay its existing line of credit facility and other loan arrangements by October 19th. As part of the transition, Mike Reinhart, CEO, has injected US$300,000 into the Company, to be repaid once the Seacoast credit facility is fully funded. Terms of the loan with Mr. Reinhart are similar to the rates that Bank of America were charging.
"The increased facility will benefit Quisitive as we grow and provide the needed working capital," said Mike Reinhart. "We are looking forward to working with our new partners Seacoast."
About Quisitive
Quisitive is a premier Microsoft solutions provider that helps customers navigate the ever-changing technology climate that their business relies upon. With a legacy of innovation and deep technical expertise, Quisitive is empowering the enterprise to harness Microsoft Azure cloud and use emerging technologies such as blockchain, artificial intelligence, machine learning, and the Internet of Things (IoT) like never before through customized solutions and first-party cloud-based products.
Quisitive is uniquely comprised of former Microsoft leaders and technologists who share a deep understanding of market needs and the appropriate application of Microsoft cloud technology. Quisitive serves clients globally with offices in Dallas, TX, Denver, CO and Toronto, Ontario. For more information, visit http://www.Quisitive.com or follow @BeQuisitive.
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 release.
Forward-Looking Statements: Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to proposed activities, consolidation strategy and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others the receipt of applicable regulatory approvals, the limited history of operations, lack of profitability, availability of financing including pursuant to the proposed new credit facility, execution of required documentation to give effect to the new proposed credit facility, the need for additional financing and the timing and amount of expenditures, ability to successfully execute on consolidation strategies, the failure to find economically viable acquisition targets, funding for internally developed technology solutions, client retention and attrition, client demands, reliance on key personnel, economic spending in the IT industry and technological changes in the IT industry. Quisitive Technology Solutions Inc. does not assume the obligation to update any forward-looking statement.
SOURCE Quisitive Technology Solutions Inc.
Stephanie Ratza, CFO, [email protected], 972-536-1024, https://www.quisitive.com
Share this article