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Martello Co-Chairmen Execute Letter of Intent to Provide $5 Million Subordinated Debt Instrument
Martello Co-Chairmen Execute Letter of Intent to Provide $5 Million Subordinated Debt Inst...
About this update from Martello Technologies Group, Inc.
[{"type":"text","content":"\n\n\n\nMartello Co-Chairmen Execute Letter of Intent to Provide $5 Million Subordinated Debt Instrument\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\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, April 29, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n OTTAWA, April 29, 2020 /CNW/ - Martello Technologies Group Inc. (\"Martello\" or the \"Company\") (TSXV: MTLO), a provider of digital experience monitoring (DEM) solutions deployed in more than 5,000 enterprise networks around the world, today announced that Co-Chairmen of the Martello Board of Directors Sir Terry Matthews, through Wesley Clover International, and Bruce Linton through a wholly owned company have executed an letter of intent (LOI) to provide an unsecured subordinated debt instrument to Martello in the amount of CDN $5 million, (the \"Subordinated Debt Instrument\") to meet the capital requirements for the acquisition of GSX Participations SA (\"GSX\"). This facility is subject to intercreditor agreements and the finalization of definitive loan agreements between Martello Technologies Corporation (\"MTC\"), Bruce Linton and Wesley Clover International.\n\n \n \n \n \n \n \n\n \nToday's announcement follows a Martello press release on April 28, 2020, announcing that the Company will acquire GSX, a provider of end-user experience monitoring for Microsoft Office 365 headquartered in Geneva, Switzerland with more than 400 enterprise customers globally. This acquisition will add monthly recurring revenue as Martello enters the Microsoft Office 365 market. As usage of Office 365 continues to grow, this acquisition will provide an additional opportunity to scale the existing GSX addressable market by moving it to a true cloud SaaS platform.  \n\"As Martello's principal lenders have recognized even in uncertain market conditions, Martello has a significant opportunity to enter the rapidly growing Microsoft Office 365 market by acquiring GSX\", said Bruce Linton, Co...