Accelerize Inc. Enters into A Fourth Amending Agreement of the Credit Agreement
January 25, 2019 at 09:06 pm
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Accelerize Inc. announced that it has entered into a fourth amending agreement of the credit agreement dated as of January 25, 2018 with Beedie Investments Limited to, among other things, defer the Company’s January 31, 2019 interest payment to Beedie and add it to the amount due at maturity, amend the Company’s minimum adjusted EBITDA, revenue renewal, and secured debt to monthly recurring revenue covenants and to provide for weekly reporting of the Company’s projected cash flows. The Company will pay to Beedie a fee of $50,000 for the Beedie Amendment to be paid on or before the Beedie Facility’s maturity date. Also on January 23, 2019, the Company entered into a tenth amendment of the loan and security agreement dated as of May 5, 2016 with SaaS Capital Funding II, LLC to, among other things, defer the Company’s January 15, 2019 principal payment until the earlier of March 15, 2019 or payment of the SaaS Facility in full, amend the Company’s minimum adjusted EBITDA, revenue renewal, and secured debt to monthly recurring revenue covenants, to increase the success fee payable upon repayment of the SaaS Facility to $605,000 and to provide for weekly reporting of the Company’s projected cash flows.
CFN Enterprises Inc. owns and operates CFN Media, a digital marketing agency specializing in compliant, turnkey ad campaigns for the global cannabis, hemp, and wellness industries, or the CFN Business, and a white label manufacturing and co-packing business for the global cannabis, hemp and wellness industries, or the Ranco Business. Its operations consist primarily of the CFN Business and the Ranco Business. It is in the process of launching an e-commerce network focused on the sale of general wellness cannabidiol (CBD) products. The CFN Business operates several media platforms, including CannabisFN.com, CFNMediaNews.com, and other venues. The CFN Business distributes content across numerous online platforms, including the CannabisFN.com Website, press releases, financial news syndicates, search engines, YouTube, iTunes, Instagram, X, Facebook, LinkedIn, and others. Rancoâs products and services are sold through its direct sales force and by attending industry-related trade shows.