TORONTO, June 29,
2023 /CNW/ - Quarterhill Inc. ("Quarterhill" or
the "Company") (TSX: QTRH) (OTCQX: QTRHF), a leading provider of
tolling and enforcement solutions in the Intelligent Transportation
System ("ITS") industry, announces that, further to its press
release dated June 15, 2023, the
Company's subsidiary Quarterhill ITS Inc. has completed an updated
credit agreement (the "Credit Agreement") with its existing
syndicate of bank lenders led by HSBC Bank Canada (the
"Syndicate").
Under the terms of the amended Credit Agreement, Quarterhill ITS
Inc. will be granted a covenant relief period by the Syndicate
through December 31, 2023. Other
terms and conditions to the amended Credit Agreement are customary
for transactions of this nature.
About Quarterhill
Quarterhill is a leading provider of tolling and enforcement
solutions in the Intelligent Transportation System (ITS) industry,
as well as, through its Wi-LAN Inc. subsidiary, a leader in
Intellectual Property licensing. Our goal is global leadership in
ITS, via organic growth of the Electronic Transaction Consultants,
LLC (ETC) and International Road Dynamics Inc. (IRD) platforms, and
by continuing an acquisition-oriented investment strategy that
capitalizes on attractive growth opportunities within ITS and its
adjacent markets. Quarterhill is listed on the TSX under the symbol
QTRH and on the OTCQX Best Market under the symbol QTRHF. For more
information, visit
www.quarterhill.com.
Forward-looking
Information
This news release contains forward-looking statements regarding
Quarterhill, its operating subsidiaries and their respective
businesses. Forward-looking statements are based on estimates and
assumptions made by Quarterhill in light of its experience and its
perception of historical trends, current conditions, expected
future developments and the expected effects of new business
strategies, as well as other factors that Quarterhill believes are
appropriate in the circumstances. The forward-looking events and
circumstances discussed herein may not occur and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting Quarterhill, which include, without
limitation, the risks described in Quarterhill's March 22, 2023 annual information form for the
year ended December 31, 2022 (the
"AIF"). In addition, readers are also urged to review the
additional risk factors disclosed in our Management's Discussion
and Analysis for the three months ended March 31, 2023 filed today on www.sedar.com.
Quarterhill recommends that readers review and consider all of
these risk factors and notes that readers should not place undue
reliance on any of Quarterhill's forward-looking statements.
Quarterhill has no intention, and undertakes no obligation, to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
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SOURCE Quarterhill Inc.