TORONTO,
Aug. 12,
2024 /CNW/ - Pluribus Technologies Corp. (TSXV: PLRB)
("Pluribus" or the "Company") announces a further
amendment (the "Amendment") to the previously-announced
forbearance agreement (the "Forbearance Agreement") dated
January 18, 2024, between the Company
and National Bank of Canada (the
"Lender"), relating to a secured credit agreement dated
April 27, 2022, as amended, among the
Company, certain of its subsidiaries and the Lender. Under the
Amendment, the Lender has agreed to extend the term of the
Forbearance Agreement to August 19,
2024 to allow the Company to continue its previously
announced strategic review process, which involves a review and
evaluation of strategic alternatives that may be available to the
Company to further enhance the Company's growth, development and
prosperity in the short and long terms, with the goal of maximizing
shareholder value.
The Company will provide an update when further
disclosure is required or otherwise appropriate.
About Pluribus Technologies Corp.
Pluribus is a technology company that is a
value-based acquirer and operator of small, profitable
business-to-business technology companies in a range of verticals
and industries. Pluribus provides its acquisitions access to
experienced sales and marketing resources, strategic partnership
opportunities, a diverse portfolio of customers in different
geographical markets and enabling technologies to create new
revenue streams and provide the opportunity for these companies to
grow in their respective markets. When market conditions are
conducive to raising capital at reasonable costs, Pluribus focuses
on rapidly acquiring and integrating new acquisitions to accelerate
growth. When the environment does not support this, Pluribus
focuses on implementing strategies to maximize organic growth and
increase cashflow from operations in its existing portfolio
companies. For more information, please visit:
pluribustechnologies.com.
Forward-Looking Information
Certain information in this press release
constitutes forward-looking statements under applicable securities
laws. Any statements that are contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking information in this
press release includes, but is not limited to, statements with
respect to whether the Lender will continue to forbear from
exercising their rights and remedies on expiry of the Forbearance
Agreement and what the terms or timing of such a transaction or
such continued forbearance might be, the Company providing an
update when further disclosure is required or otherwise
appropriate, the business plans of the Company, including the
completion of future acquisitions, the Company management's
expectation on the growth, profitability and performance of its
portfolio companies, the Company's ability to acquire
business-to-business technology companies in the future, the
Company's ability to grow its portfolio companies and the Company
achieving a positive transaction as a result of its strategic
review process. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "potential",
"believe", "intend" or negatives of these terms and similar
expressions.
Forward-looking statements are based on
certain assumptions, including the Company's ability to manage a
complex portfolio of companies effectively; and the
Company's ability to raise sufficient financing to continue its
acquisition strategy. Other assumptions include industry trends,
the availability of growth opportunities, and general business,
economic, competitive, political, regulatory and social
uncertainties will not prevent the Company from conducting its
business. While the Company considers these assumptions to be
reasonable based on information currently available, they are
inherently subject to significant business, economic and
competitive uncertainties and contingencies and they may prove to
be incorrect. Forward-looking information speaks only to such
assumptions as of the date of this release.
Readers are cautioned that the foregoing is
not exhaustive. Readers are further cautioned not to place undue
reliance on forward-looking statements as there can be no assurance
that the plans, intentions or expectations upon which they are
placed will occur. Such information, although considered reasonable
by management at the time of preparation, may prove to be incorrect
and actual results may differ from those anticipated.
Forward-looking statements are not guarantees of future
performance. The purpose of forward-looking information is to
provide the reader with a description of management's expectations,
and such forward-looking information may not be appropriate for any
other purpose. Except as required by law, the Company disclaims any
obligation to update or revise any forward-looking statements,
whether as a result of new information, events or otherwise.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
press release.
Contact:
Richard Adair
Chief Executive Officer
Pluribus Technologies Corp.
1 (800) 851-9383
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SOURCE Pluribus Technologies Corp.