Kneat Secures Up to €15 Million Through Secured Credit Facility to Fund Continued Growth of the Company
Financing Fuels Kneat's Strong Revenue Growth and Improving Margin Profile
The credit facilities (the "Facilities") consist of three term credit facility commitments of €5 million each, to be availed by Kneat's Irish subsidiary,
"The financing we are announcing today provides Kneat with greater financial flexibility as we continue building out the next-gen platform for quality management and supports us on our way toward profitability," said
"We are pleased to support Kneat's efforts helping make life sciences companies' processes for quality management leaner, faster, smarter and more sustainable," said Raeto Guler, a partner at
Each of the Facilities carries an annual cash interest of three-month EURIBOR + 7.0%, payable quarterly; and capitalized interest of 2.0%, accrued and capitalized quarterly, in addition to customary structuring and exit fees. The total cash cost of the arrangement is dependent on the final number of the three facilities availed of and whether the debt is repaid on each maturity date or earlier. Kneat intends to draw down the first €5 million facility this quarter.
The Facilities are guaranteed by the Company and its
Kneat, a Canadian company with operational headquarters in Limerick,
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the future profitability of the Company, the ability to access the Facility based on ARR milestones, the relationship between Kneat and the customer, Kneat's business development activities, the use and implementation timelines of Kneat's software within the customer's validation processes, the ability and intent of the customer to scale the use of Kneat's software within the customer's organization and the compliance of Kneat's platform under regulatory audit and inspection. While such forward-looking statements are expressed by Kneat, as stated in this release, in good faith and believed by Kneat to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties.
Kneat does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor's own risk.