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Pluribus Technologies Amplifies Strategic Initiatives with Forbearance Pact Extension
TORONTO, May 15, 2024 /PRNewswire/ - Pluribus Technologies Corp. (TSXV: PLRB), also known as 'Pluribus' or the 'Company', has made a significant announcement regarding an amendment to the existing forbearance agreement which was originally signed on January 18, 2024, with the National Bank of Canada, hereafter referred to as the 'Lender'. This amendment to the secured credit agreement dated April 27, 2022, which includes certain subsidiaries of the Company and the Lender, will see the Forbearance Agreement's term extended to May 22, 2024. This extension grants the Company additional time to further its strategic review process, which has been previously publicized. The process entails a thorough examination of potential strategic avenues the Company might undertake to bolster its growth, development, and prosperity in both the short and long term, with the ultimate aim of maximizing shareholder value.
The Company has committed to updating the public when any further disclosure is mandatory or deemed appropriate.
Founded with a value-based acquisition and operational strategy, Pluribus is a flourishing technology company that specializes in acquiring and managing small, profitable B2B technology firms across a variety of industries and verticals. The Company prides itself on its robust support system for acquired entities, offering access to seasoned sales and marketing resources, chances for strategic partnerships, a diversified customer base in numerous geographical markets, and the potential for leveraging enabling technologies to unearth new revenue streams. This fosters an environment ripe for growth. Pluribus maintains a dynamic business approach—when the market conditions are favorable for capital raises at reasonable costs, the Company emphasizes a rapid acquisition and integration of new entities to spur growth. Conversely, when the market climate is less conducive, Pluribus pivots its focus towards strategies aiming at organic growth enhancement and optimizing cash flow from operations within its existing portfolio. Further details about Pluribus and its business model can be found at pluribustechnologies.com.
In this press release, certain statements made are to be considered forward-looking within the scope of applicable securities laws. These forward-looking statements often include projections and estimates, characterized by words such as "may", "should", "anticipate", "expect", "potential", "believe" and "intend", or the negative versions of these words and other similar expressions. Among these statements is the discussion of the Lender's ongoing forbearance from executing their rights and remedies upon the Forbearance Agreement's expiry, along with speculation on the terms, timing, and potential outcomes of any subsequent transactions or forbearances. Further forward-looking information includes talks on the Company's future business plans, in particular the completion of prospective acquisitions, management's expectations regarding the growth, profitability, and performance of portfolio companies, the ability to continue acquiring B2B technology companies, and positive results from its strategic review process.
Certain assumptions underpin these forward-looking statements—the Company's capability to effectively manage an intricate portfolio of companies, and the ability to obtain sufficient funding to stay on course with its acquisition strategy. Additional assumptions comprise expected industry trends, availability of opportunities for growth, and the influence of general business, economic, competitive, political, regulatory, and social uncertainties that, hopefully, will not impede the Company from executing its operations as planned. Pluribus considers these assumptions to be reasonable based on the current information available, yet they are also subject to significant uncertainties and contingencies that may cause actual outcomes or results to differ substantially from those projected.
These forward-looking statements are valid only as of the date they are made. Consumers and readers are advised not to place undue reliance on these projections as there is no certainty that the intentions or expectations behind them will transpire as anticipated. Although the forward-looking information may provide an indication of management's current expectations, it should not be sought for purposes other than what it has been presented for. To this effect, except as legislatively mandated, the Company disclaims any intention or obligation to update or modify any forward-looking statements in light of new events or information, or other circumstances. All forward-looking statements contained within this press release are considerably qualified by this careful advisory note.
Additionally, neither the TSX Venture Exchange nor its Regulation Services Provider (as is defined in the policies of the TSX Venture Exchange) is responsible for the validity or accuracy of this press release.
For more information, queries, or details regarding the Company, the press release invites interested parties to get in touch with:
Contact Information:
Richard Adair, Chief Executive Officer
Pluribus Technologies Corp.
1 (800) 851-9383
SOURCE: Pluribus Technologies Corp.
In conclusion, Pluribus Technologies Corp.'s announcement regarding the extension of the forbearance agreement with its lender signifies an important step towards its goal of enhancing the Company's business approach, reviewing strategic alternatives, and striving for shareholder value maximization. As it continues to traverse the evolving landscape of technology and acquisitions, Pluribus stands poised as a torchbearer for robust growth and innovation in the B2B sector. Regular updates are expected as they strive to redefine the paradigms of their industry and exceed the expectations of stakeholders.
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