Bluedrop Performance Learning Inc (TSX-V: BPL) has secured increased access to funding from Grenville Strategic Royalty Corp. Grenville raised its available investment to $1.65 million. Based in Ottawa, Bluedrop is a provider of workplace training for individuals, corporations, military personnel and the public sector. Last year, it acquired Atlantis Systems Corp from U.S. private equity firm ComVest Partners. The company is also backed by Canadian specialty finance firm Difference Capital Financial.
Bluedrop Announces Increased Available Investment under Standby Royalty Agreement
St. John’s, Newfoundland (FSCwire) – Bluedrop Performance Learning Inc. (TSX-V:BPL) (“Bluedrop”) is pleased to announce that Grenville Strategic Royalty Corp. (TSX VENTURE:GRC) (“Grenville”) has increased the funding available to the Company from $1,000,000 to up to $1,650,000, available to be drawn down prior to December 31st, 2015. In exchange for the amounts advanced to Bluedrop, Grenville will receive a royalty based on Bluedrop’s gross revenues within Grenville’s targeted 1% – 4% royalty range, subject to certain adjustments.
“The Bluedrop team worked hard through 2014 to integrate their previous acquisitions, stream line the operations and their working capital structure. This is the type of team and company where we’re pleased to be able to provide a follow-on commitment”, said William (Bill) R. Tharp, CEO of Grenville.
Bluedrop Performance Learning (TSX-V: BPL) is an innovator in workplace training for individuals, corporations, military personnel and the public sector. Launched in 2004, Bluedrop is transforming the workplace globally by designing, developing and delivering practical, actionable and affordable training content that improves individual and overall performance of organizations. For more information, visit www.bluedrop.com.
Grenville is a Toronto-based company that was formed to provide royalty-based finance solutions by acquiring revenue streams generated by growing industrial and technology businesses. Grenville has identified a large and underserviced finance market for companies generating up to $50 million in revenue, many of which are well managed and generating improving cash flow, but face difficult financing hurdles from traditional debt and equity markets. The non-dilutive royalty financing structure offered by Grenville can be complementary to other financing alternatives or be simple stand-alone capital. Capital can be used in a variety of ways: from working capital needs, to funding acquisitions, buying out minority partners, or just adding a financing alternative to the range of existing capital solutions. The application of Grenville’s royalty financing structure into sectors not traditionally serviced by royalty companies represents a new and innovative financing model – Capital Simplified – that has already attracted a considerable number of opportunities with attractive potential returns. For more information, visit www.grenvillesrc.com.
This news release may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding the impact of the operational restructuring and future plans and objectives of Bluedrop, constitute forward-looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the operational efficiencies associated with the integration of technological and financial systems and general economic and market conditions. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from Bluedrop’s expectations include general global economic conditions. For additional information with respect to risk factors applicable to Bluedrop, reference should be made to Bluedrop’s continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, Bluedrop’s Annual Information Form dated January 28, 2015 For the Year Ended September 30, 2014 and Bluedrop’s Management’s Discussion and Analysis of Results of Operations and Financial Condition For the Year Ended September 30, 2014. The forward-looking information contained in this release is made as of the date of this release and Bluedrop does not undertake to update publicly or revise the forward-looking information contained in this release, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the 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.
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