SAN FRANCISCO, Dec. 30, 2016 /CNW/ -- Frankly Inc. (TSX VENTURE: TLK) (Frankly), a leading technology and monetization platform for media companies, entered into a loan and security agreement (the "Credit Agreement") with Silicon Valley Bank ("SVB") on December 28, 2016.
The Credit Agreement, which replaces Frankly's prior credit facility with Bridge Bank, provides Frankly with access to an accounts receivable based revolving credit line with an initial limit of US$1.5 million, which can be increased up to US$3 million. The Credit Agreement is secured by Frankly's assets and has a one-year initial term, and carries interest at 2.25% above the prime rate. The proceeds of the Credit Agreement will be used to supplement Frankly's working capital needs.
Frankly (TSX VENTURE: TLK) builds an integrated software platform for media companies to create, distribute, analyze and monetize their content across all of their digital properties on web, mobile and TV. Its customers include NBC, ABC, CBS and FOX affiliates, as well as other leading media organizations. Collectively, Frankly reaches nearly 60 million monthly users in the United States. The company is headquartered in San Francisco with major offices in New York. To learn more, visit www.franklyinc.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This release includes forward-looking statements regarding Frankly and their respective businesses. Forward-looking events and circumstances discussed in this release, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the parties. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Frankly undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Frankly Inc.
For further information: Company Contact: Steve Chung, Chairman and CEO, [email protected]; Investor Relations Contact: Matt Glover or Najim Mostamand, Liolios Group, Inc., 949-574-3860, [email protected], http://franklyinc.com