TORONTO and NEW YORK, May 11, 2020 /CNW/ - AcuityAds Holdings Inc. (TSX:AT, OTCQX:ACUIF) ("AcuityAds" or the "Company"), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across all digital advertising channels, announced that it has secured approximately $3 million from the Canadian, U.S. and Spanish governments' Covid-19 support programs to maintain its payroll and avoid the need for a reduction in its workforce.
In the U.S., AcuityAds has been granted a loan of US$1.4 million pursuant to the Paycheck Protection Program ("PPP") as part of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"). The Loan matures after a two year period, is unsecured and is guaranteed by the U.S. Small Business Administration. As stipulated by the requirements of the PPP, the Loan will be forgiven if the proceeds are used to cover payroll costs. The Company expects to apply for the loan forgiveness in accordance with the terms of the CARES Act.
AcuityAds also expects to receive approximately $600,000 from the Canadian government's Canada Emergency Wage Subsidy ("CEWS") Program and recently received Eur250,000 from the Spanish government through their Coronavirus aid program.
"We are thankful for the support provided by the Canadian, U.S. and Spanish governments during this pandemic," commented Tal Hayek, Co-Founder and Chief Executive Officer of AcuityAds. "As each program was fully intended, they will enable us to maintain our employment levels, allowing us to continue to focus on the safety of our employees and the continued delivery of our services to our customers. The funds from these programs further fortify our business to ensure the Company is in a strong position to weather the current economic environment."
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 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. 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.
SOURCE AcuityAds Holdings Inc.
For further information: Tal Hayek, Chief Executive Officer, AcuityAds Holdings Inc., 416-218-9888, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]