TORONTO, Sept. 29, 2022 /CNW/ - TERAGO
Inc. ("TERAGO" or the "Company") (TSX: TGO)
(https://terago.ca/), today announced it has entered
into a three-year, USD$20 million
secured debt facility with CrowdOut Capital LLC. The new facility
provides capital which the company will deploy to support its
growth initiatives.
"Our team is very excited about partnering with CrowdOut Capital
as part of our long-term strategy to become Canada's leading provider of fixed wireless
access and private network services to businesses," said TERAGO CEO
Matthew Gerber. "The new facility
provides us with working capital to sustain our fixed wireless
access business line growth and begin deploying mmWave 5G private
networks."
Alexander Schoenbaum, CEO and
Co-Founder of CrowdOut Capital added: "Fixed wireless access and
private network connectivity are essential telecommunication
services. Matthew and his team are a top-tier provider of these
services to a growing customer base. We are pleased to be
partnering with TERAGO as they embark on their next stage of
growth."
The credit facility is subject to various conditions and
covenants that are customary and appropriate for a transaction of
this type.
About TERAGO
TERAGO provides wireless connectivity and private 5G wireless
networking services to businesses operating across Canada. The Company holds 2120 MHz of
exclusive spectrum licenses in the 24 GHz and 38 GHz spectrum
bands, which it utilizes to provide secure and reliable
enterprise grade networking and connectivity services. TERAGO
serves over 1,800 Canadian and Global businesses operating in major
markets across Canada, including
Toronto, Montreal, Calgary, Edmonton, Vancouver, Ottawa and Winnipeg, and has been providing wireless
services since 1999. For more information about TERAGO, please
visit www.terago.ca.
About CrowdOut Capital
CrowdOut Capital is a leading private investor in lower
middle-market companies. CrowdOut's network of experienced
owner-operators and industry veterans provides exclusive deal
opportunities and key insights during underwriting and due
diligence. In addition to getting access to needed capital,
companies benefit from the industry expertise of CrowdOut's
connected network of investors. Family offices, institutional and
accredited investors can invest through the CrowdOut Credit
Opportunities Fund or on a deal-by-deal basis. CrowdOut has
originated more than $465 million in
debt and equity investments since its inception. To learn more,
please visit www.CrowdOut.com.
Forward-Looking Statements
This news release includes certain forward-looking statements.
By their nature, forward-looking statements are subject to numerous
risks and uncertainties, some of which are beyond
TERAGO's control. Forward-looking statements may include but
are not limited to statements regarding the further developing our
5G Fixed Wireless Access program, consistently executing across all
fronts of the business, success in providing Canadian enterprises
with managed services and the 5G fixed wireless trials being
conducted by the Company. All such statements constitute
"forward-looking information" as defined under, applicable Canadian
securities laws. Any statements contained herein that are not
statements of historical facts constitute forward-looking
information. The forward-looking statements reflect the Company's
views with respect to future events and is subject to risks,
uncertainties and assumptions, including those risks set forth in
the "Risk Factors" sections in the annual MD&A of the Company
for the quarter ended March 31, 2022
available on www.sedar.com under the Company's corporate profile.
Factors that could cause actual results or events to differ
materially include the inability to consistently achieve sales
growth across all lines of TERAGO's business including managed
services, inability to complete successful 5G technical trials, the
impacts and restrictions caused by the COVID-19 pandemic are
prolonged which may further delay customer trials and/or cause a
negative impact on future financial results of the Company,
TERAGO's Pandemic Response Plan may not mitigate all impacts
of COVID-19, the results of the 5G trials not being satisfactory to
TERAGO or any of its technology partners, regulatory requirements
may delay or inhibit the trial, the economic viability of any
potential services that may result from the trial, the ability for
TERAGO to further finance and support any new market opportunities
that may present itself, and industry competitors who may have
superior technology or are quicker to take advantage of 5G
technology. Accordingly, readers should not place undue reliance on
forward-looking statements as several factors could cause actual
future results, conditions, actions or events to differ materially
from the targets, expectations, estimates or intentions expressed
with the forward-looking statements. Except as may be required by
applicable Canadian securities laws, TERAGO does not intend, and
disclaims any obligation, to update or revise any forward-looking
statements whether in words, oral or written as a result of new
information, future events or otherwise.
SOURCE TeraGo Inc.