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TORONTO, April 13, 2022 /CNW/ – SQI Diagnostics Inc. (“IQS“or the”Company“) SQD SQIDFa leader in lung health science that develops and manufactures respiratory health and precision medicine tests, announces the extension of the maturity date of its credit agreement (the “credit agreement“) with Pivot Financial (“Pivot“) date February 8, 2022 for June 11, 2022. All other terms of the credit agreement remain unchanged.
As previously announced, the Company has entered into a credit agreement with Pivot, an arm’s length third party to the Company, regarding the extension of a short-term senior secured demand credit facility in the aggregate amount of $7,500,000 (there “Credit facility“) to satisfy the cash consideration payable pursuant to the Company’s acquisition of substantially all of the assets underlying Precision Biomonitoring Inc.’s COVID-19 PCR testing business and its TripleLock™ molecular diagnostics and for general working capital Certain Company insiders (the “Insider Lenders“) also participated in the financing of the credit facility pursuant to the terms of the participation agreements entered into between Pivot and the insider lenders.
For more details regarding the Credit Agreement, please see the Company’s material change report dated February 24, 2022.
About SQI Diagnostics
SQI Diagnostics is a leader in lung health science. We develop and manufacture respiratory health and precision medicine tests that run on SQI’s fully automated systems. Our tests simplify and improve COVID-19 mobile PCR, point-of-care antigen testing and antibody monitoring, rapid acute lung injury testing, donor organ transplant informatics, and immunoassay testing. proteins and antibodies. We are committed to creating and bringing to market life-saving testing technologies that help more people in more places live longer, healthier lives. For more information, visit www.sqidiagnostics.com.
This press release contains certain “forward-looking statements”, including, without limitation, statements containing the words “will”, “may”, “expect”, “intend”, “anticipate and other similar expressions that constitute “forward-looking statements”. Information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectations, assumptions and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, but are not limited to, general economic and market factors, competition, the Company’s ability to repay its indebtedness under the facility conditions, the effect of the global pandemic and the consequences of the economic disruption and the factors detailed in the Company’s pending filings with securities regulatory authorities, available at www.sedar.com. Although the forward-looking statements contained herein are based on what management believes to be reasonable assumptions based on currently available information, there can be no assurance that actual events, performance or results will be consistent with these forward-looking statements, and our assumptions may turn out to be incorrect. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities of United States. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “US Securities Act”), or any state securities law and may not be offered or sold in United States except pursuant to an available exemption from the registration requirements of United States securities law and applicable state securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE SQI Diagnostics Inc.
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