AcuityAds Announces Increase and Extension to its Revolving Line of Credit with Silicon Valley Bank
TORONTO and NEW YORK – October 18, 2018 – AcuityAds Holdings Inc. (TSXV:AT) (“AcuityAds” or the “Company”), a technology leader that provides targeted digital media solutions by leveraging its proprietary Artificial Intelligence (AI) technology to enable advertisers to connect intelligently with audiences across digital advertising campaigns, is pleased to announce that it has secured a new revolving line of credit with Silicon Valley Bank (“SVB”) that provides additional capital at a lower cost.
The Company and SVB have agreed to increase the line of credit to US$15 million up from US$10 million and extend the maturity date to March 2020. In addition, the applicable interest rate has been reduced by 1.75%.
“This amended agreement allows us to strengthen our balance sheet and ensures that we will have the working capital necessary to continue our growth,” said Jonathan Pollack, Chief Financial Officer of AcuityAds. “Silicon Valley Bank has been a trusted partner of ours for many years and we believe these positive developments are a vote of confidence in our business model and continued growth strategy.”
AcuityAds is a leading technology company that provides marketers a powerful and holistic solution for digital advertising across all ad formats and screens to amplify reach and Share of Attention® throughout the customer journey. Via its unique, data-driven insights, real-time analytics and industry-leading activation platform based on proprietary Artificial Intelligence technology, AcuityAds leverages an integrated ecosystem of partners for data, inventory, brand safety and fraud prevention, offering unparalleled, trusted solutions that the most demanding marketers require to be successful in the digital era.
AcuityAds is headquartered in Toronto with offices throughout the U.S., Europe and Latin America. For more information, visit AcuityAds.com.
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Chief Executive Officer
AcuityAds Holdings Inc.
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AcuityAds Holdings Inc.
Virtus Advisory Group Inc.
Disclaimer in regards to Forward-looking Statements
Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements with respect to the results following completion of the acquisition of the AI Company. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievement of the Company to be materially different from any future results, performance or achievements express or implied by such forward-looking statements. Such factors include, among other things, the net revenue earned by the hired sales personnel of the AI Company in the 6 month period following closing of the strategic transaction. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, AcuityAds does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.