Vancouver-based Wishpond Technologies, a provider of marketing-focused online business solutions, has secured C$6 million in a credit facility. The facility’s provider was National Bank of Canada’s Technology and Innovation Banking Group. The proceeds will be used to support the company’s growth plan.
VANCOUVER, BC, Sept. 29, 2021 /PRNewswire/ – Wishpond Technologies Ltd. (the “Company” or “Wishpond”) (TSXV: WISH) (OTCQX: WPNDF), a provider of marketing focused online business solutions, is pleased to announce it has entered into a new credit facility pursuant to the terms of a credit agreement entered into between the Company and National Bank of Canada’s Technology and Innovation Banking Group (“NBC”) that provides for a 6 million dollar secured revolving operating line (the “Credit Facility”). The Credit Facility is undrawn as of today’s date.
“We are very pleased to be putting this credit facility in place and we are grateful for the support we’ve received from National Bank’s Technology and Innovation Banking Group,” said Ali Tajskandar, Chairman and CEO of Wishpond. “It’s a great honor to be partnering with one of Canada’s premier banks. This Credit Facility is a step forward in terms of accelerating Wishpond’s future growth plans.”
NBC’s Senior Director of Technology and Innovation Banking, David Looi commented “National Bank is pleased to be partnering with Wishpond to assist the Company in its continued growth and success. Wishpond is a great fit with our mandate of supporting innovative, rapidly growing technology companies across Canada.”
“The Credit Facility will provide us with an efficient way to optimize our working capital and the ability to retain our flexibility should we need to use proceeds for general corporate purposes or support future acquisitions,” said Juan Leal, Wishpond’s Chief Financial Officer. “We currently have over $7.5 million of cash and no debt on the balance sheet, combined with this new undrawn NBC Credit Facility of $6 million, we are in a strong position to execute on our future expansion and acquisition plans.”
Pursuant to the Loan Agreement, the Credit Facility is secured against the assets of the Company. The Credit Facility is expected to be used by the Company to fund working capital requirements in the ordinary course. The credit agreement will be filed under the Company’s issuer profile on SEDAR at www.sedar.com.
About Wishpond Technologies Ltd.
Based out of Vancouver, British Columbia, Wishpond is a provider of marketing-focused online business solutions. Wishpond’s vision is to become the leading provider of digital marketing solutions that empower entrepreneurs to achieve success online. The Company offers an “all-in-one” marketing suite that provides companies with marketing, promotion, lead generation, and sales conversion capabilities from one integrated platform. Wishpond replaces entire marketing functions in an easy-to-use product, for a fraction of the cost.
Wishpond serves over 3,000 customers who are primarily small-to-medium size businesses (“SMBs”) in a wide variety of industries. The Company has developed cutting-edge marketing technology solutions and continues to add new features and applications with great velocity. The Company employs a Software-as-a-Service (“SaaS”) business model where substantially all the Company’s revenue is subscription-based recurring revenue which provides excellent revenue predictability and cash flow visibility. Wishpond is listed on the TSX Venture Exchange under the ticker “WISH” and on the OTCQX under the ticker “WPNDF”. For further information, visit: www.wishpond.com.