CSE: URL / OTC: URLOF
VANCOUVER, June 18, 2019 /CNW/ - NameSilo Technologies Corp. (CSE: URL) (PINKSHEETS: URLOF) (the "Company") is pleased to announce that it has restructured its previous loans with Autumn Spirit OU ("Autumn Spirit"), Topanga OU ("Topanga") and Kokkuhoideur OU ("Kokkuhoideur" and together with Autumn Spirit and Topanga, the "Lenders"). The purpose of the restructuring was to repay approximately CDN $1.28 million of the principal amount of the loans and to extend the maturity date of the loans to December 17, 2020.
"We are extremely pleased with the support that the Lenders have shown us. By extending the loans to December 2020, we are able to focus our capital in growing our business. Due to strong cash flow from operations we were able to pay down a portion of these loans and paid all interest that accrued under the previous loan agreements on time," stated Paul Andreola, CEO of the Company.
As a result of the new loan agreements, the Company is now indebted to Autumn Spirit in the principal amount of CDN $2,115,000, Topanga in the principal amount of CDN $2,115,000 and Kokkuhoideur in the principal amount of CDN $4,430,000. Each loan bears interest at a rate of 11% per annum and is payable on a quarterly basis. The Company will be required to pay 25% of each loan by July 17, 2020 and the balance of the loans by December 17, 2020. The loans remain unsecured and are pre-payable at any time without penalties.
About NameSilo Technologies Corp. and NameSilo LLC
NameSilo Technologies Corp. invests its capital in companies and opportunities which management believes are undervalued and have potential for significant appreciation. The company makes investments in both public and private markets and focuses on opportunities in a wide variety of industries excluding the resource and resource service sectors. NameSilo does not invest on behalf of any third party and it does not offer investment advice.
NameSilo LLC is a low-cost provider of domain name registration and management services. As an accredited ICANN registrar, NameSilo is one of the fastest growing domain registrars in the world with over 2.93 million active domains under management, and over 270,000 customers from approximately 160 countries.
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding potential future investments by the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and set forth in detail in the Company's CSE Listing Statement dated August 1, 2018. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements.
SOURCE NameSilo Technologies Corp.
For further information: NameSilo Technologies Corp., Paul Andreola, President, CEO and Director, (604) 644-0072, www.brisio.com; NameSilo LLC, Kristaps Ronka, CEO, [email protected], www.namesilo.com