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GuestLogix Announces Closing of CDN$9 Million Credit Agreement - GuestLogix, Inc. announced the successful closing of a credit agreement syndicated between Vistara Capital Partners Fund I Ltd Partnership and Beedie Capital Partners Fund I Ltd Partnership - VistaraCapital.com / BeedieCapital.com / GuestLogix.com
GuestLogix Announces Closing of CDN$9 Million Credit Agreement

 

PRZOOM - /newswire/ - Toronto, Ontario, Canada, 2015/06/08 - GuestLogix, Inc. announced the successful closing of a credit agreement syndicated between Vistara Capital Partners Fund I Ltd Partnership and Beedie Capital Partners Fund I Ltd Partnership - VistaraCapital.com / BeedieCapital.com / GuestLogix.com. TSX: GXI

   
 
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GuestLogix, Inc., the leading global provider of ancillary-focused merchandising, payment and business intelligence technology to airlines and the passenger travel industry, today announced the successful closing of a credit agreement (the “Agreement”) syndicated between Vistara Capital Partners Fund I Limited Partnership and Beedie Capital Partners Fund I Limited Partnership (collectively, the “Lenders”), whereby the Lenders have agreed to provide GuestLogix with a non-revolving credit facility (the “Credit Facility”) of up to a maximum principal amount of CDN$9 million subject to the terms and conditions of the Agreement. Vistara Fund I GP Inc. acted as administrative and collateral agent in respect of the Credit Facility. The Agreement provides that the Credit Facility will bear interest at a rate of 12% per annum calculated and payable monthly in arrears and will mature 27 months from closing.

Pursuant to the terms of the Agreement, GuestLogix intends to issue and allot to the Lenders share purchase warrants (the “Warrants”) entitling the holders to purchase in the aggregate 2,400, 000 fully paid and non-assessable common shares in the capital of GuestLogix (the “Warrant Shares”) at an exercise price of $0.796 per Warrant Share, as may be adjusted from time to time in accordance with the terms of the Warrant certificates. The Warrants are exercisable at any time up to September 5, 2018 and are subject to a statutory hold period.

Advances from the credit facility will be used to: (i) repay certain promissory notes currently on GuestLogix’ balance sheet; (ii) fund continued growth and expansion initiatives; and (iii) pay general operating costs of the Company.

About Vistara Capital Partners
Based in Vancouver BC, Vistara Capital Partners (vistaracapital.com) provides highly flexible and tailored growth capital financing (debt and/or equity) to mid-later stage companies in the technology and technology-enabled services sectors across Canada and west coast of the US. Founded, managed, and funded by seasoned technology finance and operating executives, Vistara is focused on enabling the growth and expansion of the companies it partners with.

About Beedie Capital Partners (“BCP”)
Beedie Capital Partners (beediecapital.com | beediegroup.ca) is the non-real estate investment arm of Beedie Development Group, the largest private industrial land owner, developer and landlord in Metro Vancouver. In partnership with Bond Capital, BCP seeks to deploy Private Equity and Private Debt by collaborating with ambitious operators of public and private companies.

About Guestlogix, Inc.
GuestLogix, Inc. (guestlogix.com | openjawtech.com) is a global leader in comprehensive merchandising, payment and business intelligence technology delivered to the passenger travel industry, both onboard and off-board. Bringing over a decade of expertise as the industry’s most trusted onboard transaction processing partner to airlines, rail operators and elsewhere in the passenger travel industry, GuestLogix powers the industry’s growing reliance on ancillary revenue generation. Both direct to operators as well as through partnerships with global leaders in catering, duty-free, inflight entertainment and self-service retail experts, the Company provides the payment services touching over 1 billion travelling consumers each year. On December 23, 2014, GuestLogix announced the acquisition of OpenJaw Technologies, a Dublin-based technology company focused on travel retailing innovation in the e-commerce segment. GuestLogix' global headquarters and centre for product innovation is located in Toronto, with regional offices located in Dallas, London, Dublin, Galway, Madrid and Hong Kong, and product innovation labs located in Moncton and Kraków.

© 2015 GuestLogix. All Rights Reserved.

Forward-Looking Statements
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with GuestLogix' business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate","believe","plan","estimate","expect","intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect GuestLogix' current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks Factors" in the Company’s Annual Information Form filed on May 4, 2015 with the regulatory authorities in Canada. GuestLogix assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

 
 
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GuestLogix Announces Closing of CDN$9 Million Credit Agreement

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GuestLogix, Inc. |
Contact: Dan Thompson - GuestLogix.com 
416-849-1566 dthompson[.]guestlogix.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any GuestLogix, Inc. securities in any jurisdiction including any other companies listed or named in this release.

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