TORONTO and NEW YORK, Oct. 18,
2018 /CNW/ - 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."
About AcuityAds:
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.
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.
SOURCE AcuityAds Inc.
