Austin, Texas, September 07, 2016 – Perk Inc. (TSX: PER) (“Perk” or the “Company”), announced today that the Company has increased its credit facility with present lender, Silicon Valley Bank (“SVB”). The amended agreement will increase the maximum available capacity of the facility from US$4.5 million to US$17.3 million.
The Company intends to use a portion of the facility to fund the Orion EBITDA buyout, which was previously announced on August 16, 2016.
Jeff Collins, Chief Financial Officer of Perk commented, “We are pleased to increase our credit facility with Silicon Valley Bank. The revised agreement with SVB will provide the Company with access to a larger facility that is more in line with the Company’s current size and financial profile in addition to freeing up restricted capital. We appreciate SVB’s support and believe the new facility demonstrates the bank’s confidence in the Company, as SVB recognizes our progress and the potential of Perk’s leading rewarded engagement platform.”
“It’s our pleasure to continue our partnership with Perk,” said Dax Williamson, managing director of Silicon Valley Bank in Austin. “Perk continues to mature and expand its platform to enable deep connections between brands and consumers. Our objective is to support their success with the right financing, connections and global services.”
About Perk Inc.
Perk’s Rewarded Engagement Platform brings together the interests of advertisers and consumers to deliver profound insights and actionable results. With Perk, brands form deep connections with consumers to achieve greater engagement, loyalty, and conversion. Perk’s insights and intelligence solution, Perk IQ™, allows brands to measure performance and uncover valuable data around advertising attribution, brand impact, and purchase behavior.
Additional information about Perk Inc. can be found at the Company’s corporate website: http://www.ir.perk.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including which may relate to, but which may not be limited to, Perk’s business; Perk’s strategy, operations and financial performance; Perk’s user and advertiser engagement; Perk’s ability to establish new marketing partnerships; Perk’s ability to expand into new markets; and Perk’s ability to acquire and integrate new businesses and technologies. Such forward-looking statements reflect Perk’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate”, “believe”, “estimate”, “upcoming”, “plan”, “target”, “intend” and “expect” and similar expressions, as they relate to Perk or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to Perk and are subject to a number of risks, uncertainties, and other factors that could cause Perk’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements, including, but not limited to: maintenance by Perk of relationships with advertising network providers and partners; successful development of the “Perk” brand; Perk’s ability to keep up with rapid technology developments in Perk’s markets; Perk’s ability to avoid defects in products and services delivered by Perk; Perk’s ability to attract app and website developers to its SDK’s; Perk’s ability to successfully enter new business areas and geographic markets; and the success of new products developed by Perk; Perk’s ability to retain key members of its management team. Perk does not undertake to update any forward-looking statement, except as required by law.