Ackroo clears debt with SOFII without penalty saving the company on future interest payments
HAMILTON, Ontario, Dec. 16, 2020 (GLOBE NEWSWIRE) — Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a loyalty marketing, payments and point-of-sale technology and services provider, announced they have paid off the full balance of their $500,000 loan from the Western Ontario Community Futures Development Corporation Association (WOCFDCA) through the Southern Ontario Fund for Investment in Innovation (SOFII). As of December 15 th 2020 there was a remaining principal balance of $378,591.49 which Ackroo has paid off in full. There were no penalties from SOFII for early payoff and in turn Ackroo will save $52,601 in future interest costs.
“We feel fortunate to have utilized the SOFII loan and even happier to have been in a position to pay off the balance early,” said Steve Levely, CEO of Ackroo. “Between the record earnings we are delivering in 2020 and the additional capital we have just received through our recent financing we were eager to clear this debt which carried an 8% interest rate before the end of the year. Since we were able to do so without penalty the ability to save over $50,000 in future interest payments made it an easy decision for the company. Even with this payment we still have plenty of growing capital left in the treasury to complete our next acquisition in early 2021 and to support our organic growth initiatives. Ackroo has never been as poised as we are now for growth and so we are very excited for what lies ahead.”
The Southern Ontario Fund for Investment in Innovation (SOFII) loan program supports high-growth, innovative small and medium-sized Enterprises (SMEs) in rural and urban communities by offering loans of $150,000 to $500,000 to support all aspects of growth challenges facing them.
The SOFII loan fund acts as a catalyst for job creation, increased investment in and support for innovation and is one element in the emerging climate of support for high growth companies in Southern Ontario. Launched by the Government of Canada in July 2012, SOFII is supported through FedDev Ontario and is delivered by the Western Ontario Community Futures Development Corporation Association (WOCFDCA) and Community Futures Ontario East.
SOFII is a $40 million, self-sustaining fund available to eligible organizations across Southern Ontario. For more information about SOFII, please visit www.SOFII.ca .
Through vendor and industry consolidation, Ackroo provides merchants of all sizes a data driven cloud based multi-currency marketing platform to help attract, engage and grow their customers while increasing their revenues and margins. Via a SaaS based business model Ackroo provides an in-store and online automated solution to help merchants process loyalty, gift card and promotional transactions at the point of sale, provide key administrative and marketing data, and to allow customers to access and manage their loyalty and gift card accounts. Ackroo also provides important marketing, payment and point-of-sale solutions as an extension of the Ackroo platform to drive even greater financial and operational results for their clients. Ackroo is headquartered in Hamilton, Ontario, Canada. For more information, visit: www.ackroo.com .
For further information, please contact:
Chief Executive Officer | Ackroo
Tel: 416-360-5619 x730
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Forward Looking Statements
This release contains forecasts and forward-looking statements that are not guarantees of future performance and activities and are subject to risks and uncertainties. The Company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the Company’s ability to raise enough capital to support the Company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the Company operates; projected capital expenditures and liquidity; changes in the Company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.