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Boardwalktech Announces Further Debt Reduction and Provides Corporate Update
Boardwalktech Announces Further Debt Reduction and Provides Corporate Update Canad...
About this update from Boardwalktech Software Corp.
[{"type":"text","content":"\n\n\n\nBoardwalktech Announces Further Debt Reduction and Provides Corporate Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCUPERTINO, CA, Jan. 28, 2020\n\n\n\nPipeline increases 35% to $7.1M, plus progress on $1.2M of savings towards positive Adjusted EBITDA \n CUPERTINO, CA, Jan. 28, 2020 /CNW/ - (TSXV:BWLK, OTCQB:BWLKF) - Boardwalktech Software Corp (\"Boardwalktech\") announced that it continues to decrease its aggregate debt with an approximate US$500,000 reduction of principal owed to SQN Venture Income Fund LP (\"SQN\").  The outstanding liability on the debt held by SQN now totals approximately USD$4.4 million with the Company targeting further reductions over the course of 2020, including the pending close of its previous announced conversion of approximately USD $1 million. In addition, the Company announced further financial developments supporting its previously outlined strategy of achieving profitability in fiscal year 2020.\n\"SQN's long-term relationship began in early 2016, as both a debt provider of growth capital and equity investor to Boardwalktech,\"  said Ryan McCalley, Managing Partner and Founder of SQN Venture Partners. \"The company under Mr. Duncan's management has done a tremendous job managing growth and expenses as a newly publicly listed company, all while continuing to innovate its core enterprise software platform to meet the needs and demands of its impressive customer base, with net positive year over year revenue contribution.  As a long-term financial partner to Boardwalktech, we look forward to the continued and forthcoming successes and are finalizing the debt for shares conversion to further support the Company's path to achieving profitability.\" \nIn other news, Boardwalktech continues to see better visibility given increased demand for its proprietary digital ledger platform, with a growing list of prospective enterprise clients posed to close new platform licenses and applications. The Company's corporate six-month pipeline (new projects and licens...