|By Marketwired .||
|November 27, 2012 05:02 PM EST||
OTTAWA, ONTARIO -- (Marketwire) -- 11/27/12 -- TrueContext Mobile Solutions Corporation (TSX VENTURE:TMN) ("TrueContext" or the "Company"), a mobile data solutions company, today announced that it has entered into a commitment letter with BDC Capital Inc. ("BDCC"), a wholly-owned subsidiary of Business Development Bank of Canada, for a $1 million five-year secured term credit facility bearing interest at a fixed rate of 8.5% per year. The credit facility provides for the disbursement of funds in stages, subject to the Company achieving specific milestones. In addition, the commitment letter contemplates that BDCC is entitled to receive: (i) post-year-end annual royalty payments commencing for the 2015 fiscal year until maturity, such royalties to be based on the Company's consolidated annual gross sales; and (ii) a bonus payment upon the occurrence of certain change of control events.
The net proceeds from the credit facility are intended to be used for operations and working capital purposes. Completion of the financing is subject to the negotiation and execution of definitive loan and security documents.
Further details regarding the financing will be available in the Company's public filings at www.sedar.com.
ABOUT PRONTOFORMS(TM) AND TRUECONTEXT
ProntoForms is a mobile workflow solution used by 2,000 business customers. Available for smartphones and tablets, ProntoForms incorporates a mobile device App, a Web management portal to manage teams and data flow, and provides the ability to export or connect data to the back office or to popular cloud services.
TrueContext, traded on the TSXV under the symbol TMN, has a powerful and proprietary patent portfolio, from which the ProntoForms mobile App and Web reporting portal have been developed. ProntoForms is the registered trademark of TrueContext Corporation, a wholly-owned subsidiary of TrueContext.
Certain information in this press release may constitute forward-looking information, including information regarding the private placement and future tranches thereunder. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any state securities laws and may not be offered or sold within the United States or to US persons unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
TrueContext Mobile Solutions Corporation
Chief Executive Officer
613.599.8288 ext. 1111
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