Martello Extends Debt Agreements

About this update from Martello Technologies Group, Inc.

[{"type":"text","content":"\n \n \n \n Martello Extends Debt Agreements\n \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 Canada NewsWire\n \n \n \n \n \n Key lenders demonstrate support for Vantage DX growth strategy with repayment flexibility.\n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO\n \n THE UNITED STATES\n \n ./\n \n \n \n \n OTTAWA, ON\n \n \n ,\n \n \n May 26, 2023\n \n \n /CNW/ -\n \n Martello Technologies Group Inc.\n \n , (\"Martello\" or the \"Company\") (TSXV: MTLO), a provider of software that optimizes the Microsoft Modern Workplace, announced today the extension of debt agreements with Vistara Technology Growth Fund III Limited Partnership (\"Vistara\") and Wesley Clover International (\"WCI\").\n \n \n \n \n \n \n \n \n \n \n \n Vistara Term Loan Extension\n \n \n \n \n On\n \n April 27, 2020\n \n , Martello Technologies Corporation (the \"Corporation\") entered a term credit facility with Vistara (the \"Vistara Credit Agreement\"). Under the terms of the Vistara Credit Agreement, Vistara provided a USD\n \n $8.0M\n \n subordinated secured term loan (the \"Vistara Term Loan\"). The Vistara Term Loan was used to fund the acquisition of GSX.\n \n \n The Vistara Term Loan is repayable within 36 months of closing, being\n \n May 28, 2023\n \n . Having paid down USD\n \n $3.21M\n \n to date, the outstanding amount of the Vistara Term Loan is USD\n \n $4.79M\n \n . The Corporation has secured a 120-day extension to these repayment terms, with the outstanding portion of the Vistara Term Loan now due on\n \n September 28, 2023\n \n . Under the terms of the extension Martello will make a series of payments to Vistara which will pay off the debt in its entirety by\n \n September 28, 2023\n \n .\n \n \n \n \n WCI Subordinate Loan\n \n \n \n \n On\n \n August 23, 2022\n \n , Martello and its Chairman\n \n Terry Matthews\n \n , through WCI agreed to a USD\n \n $1.5M\n \n subordinate loan (the ...

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