D-BOX Announces the Closing of the Financings with National Bank of Canada and the Business Development Bank of Canada

LONGUEUIL, Quebec, July 27, 2020 (GLOBE NEWSWIRE) -- D-BOX Technologies Inc. (TSX:DBO), a leader in innovative motion technology, today announced the closing of the financing with the National Bank of Canada [“NBC”] and the Business Development Bank of Canada [“BDC”].

The Corporation entered into a definitive agreement with the National Bank of Canada related to the availability of a line of credit amounting to $4 million for the ongoing operations and working capital of the Corporation. This line of credit will be renewable annually and will bear interest at prime rate plus 3.25%. The line of credit will be secured by first-ranking hypothec and security interests on all assets of the Corporation and its U.S. subsidiary, and will replace the three-year secured revolving credit facility with the NBC from which an amount of $4 million was drawn at March 31, 2020.

Concurrently, the Corporation also entered into a definitive agreement with the Business Development Bank of Canada related to the availability of a working capital commercial loan of $2 million. This loan will bear interest at a variable rate, currently 4.55%, and will be payable in 24 monthly instalments of $33 thousand from June 2021 to May 2023 and by a final payment of $1.2 million in June 2023. The loan will be secured by second-ranking hypothec and security interests on all assets of the Corporation and its U.S. subsidiary.

“I am pleased to confirm the closing of a non-dilutive financing with the National Bank of Canada and the BDC. This financing will strengthen our balance sheet and provide additional flexibility to execute our strategic plan”, said David Montpetit, Chief Financial Officer.

“I would like to thank our long-time financial partner NBC for continuing to believe in our project of bringing haptic to everyday life.  Also, we are proud to add a reputable financial partner such as the BDC that has a proven track record to support Canadian technology companies”, stated Sébastien Mailhot, president and CEO.

ABOUT D-BOX

D-BOX redefines and creates realistic, immersive entertainment experiences by moving the body and sparking the imagination through motion. D-BOX has collaborated with some of the best companies in the world to deliver new ways to enhance great stories. Whether its movies, video games, virtual reality applications, themed entertainment or professional simulation, creating a feeling of presence that makes life resonate like never before.