Turnium Technology Group Inc. Signs Amended Loan Agreement with FirePower Capital
Vancouver, Canada--(Newsfile Corp. - May 18, 2023) - Turnium Technology Group Inc. (TSXV: TTGI) ("Turnium" or the "Company"), an industry leader in cloud-native software-defined wide area networking solutions (SD-WAN), is pleased to announce that it has entered into a fourth amending agreement with affiliates of FirePower Capital ("FirePower") to extend the maturity date of Turnium's FirePower Term Loan from March 31, 2023 to July 31, 2023.
Under the terms of the agreement, the parties have also agreed to adjust certain debt covenants to better meet the near-term capital requirements of the Company. The Term Loan will continue to bear interest at a rate of 12.75% per annum, payable monthly until its maturity on July 31, 2023. The total principal amount outstanding under the Term Loan as of the date of this press release is $1,925,000.
Ralph Garcea, Chairman of Turnium commented, "These amendments demonstrate FirePower's confidence in Turnium and our strategy, which further to our May 5th announcement, remains focused on completing our share purchase transaction with ActivePort Group Ltd."
About Turnium Technology Group, Inc.
Turnium Technology Group Inc. delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that channel partners host, manage, brand, and price and as a managed cloud-native service provided by Turnium. Both Turnium SD-WAN offers are available through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.
SD-WAN is revolutionizing the networking and telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small and medium businesses, cloud and managed services providers from the business and cost constraints imposed by traditional telecommunications companies.
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This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect the Company's expectations regarding: completion of the Offering; the terms of the Offering; the terms of the Notes; and the use of net proceeds of the Offering. Forward-looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", expect", "intend", and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and any other similar expressions.
Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made. Factors that could cause or contribute to such differences include, but are not limited to: the timing and possible outcome of regulatory approvals in connection with the Offering; the possibility that the Offering may not close; general economic, market and business conditions in Canada; risks relating to the effective management of the Company's growth; fluctuations in foreign exchange and interest rates and stock market volatility; and political and economic conditions.
There are no assurances that the Company can fulfill forward-looking statements and information. Such forward-looking statements and information are only predictions based on current information available to the Company's management team as of the date that such predictions are made; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond its control. Although the Company believes that any forward-looking statements and information contained in this press release are based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information.
The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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