Turnium Technology Group Inc. Signs Amended Loan Agreement with FirePower Capital
May 18, 2023 – Vancouver, Canada – Turnium Technology Group Inc. (TSX.V: TTGI) (“Turnium” or the “Company”), an industry leader in cloud-native software-defined wide area networking solutions (SD-WAN), is pleased to announce that it has entered into a fourth amending agreement with affiliates of FirePower Capital (“FirePower”) to extend the maturity date of Turnium’s FirePower Term Loan from March 31, 2023 to July 31, 2023.
Under the terms of the agreement, the parties have also agreed to adjust certain debt covenants to better meet the near-term capital requirements of the Company. The Term Loan will continue to bear interest at a rate of 12.75% per annum, payable monthly until its maturity on July 31, 2023. The total principal amount outstanding under the Term Loan as of the date of this press release is $1,925,000.
Ralph Garcea, Chairman of Turnium commented, “These amendments demonstrate FirePower’s confidence in Turnium and our strategy, which further to our May 5th announcement, remains focused on completing our share purchase transaction with ActivePort Group Ltd”.
About Turnium Technology Group, Inc.
Turnium Technology Group Inc. delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that channel partners host, manage, brand, and price and as a managed cloud-native service provided by Turnium. Both Turnium SD-WAN offers are available through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.
For more information, contact email@example.com, visit www.turnium.com, or follow us on Twitter @turnium.
SD-WAN is revolutionizing the networking and telecommunications industry by abstracting secure, high-speed networking and network control from underlying physical circuits. SD-WAN frees enterprises, small and medium businesses, cloud and managed services providers from the business and cost constraints imposed by traditional telecommunications companies.
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This announcement contains “forward-looking” statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect the Company’s expectations regarding: completion of the Offering; the terms of the Offering; the terms of the Notes; and the use of net proceeds of the Offering. Forward-looking statements may be identified by words such as “seek”, “believe”, “plan”, “estimate”, “anticipate”, expect”, “intend”, and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and any other similar expressions.
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