Sonic Foundry Secures a $3 Million Line of Credit from U.S. Bank National Association
Sonic Foundry (OTC: SOFO) announced securing a $3 million revolving credit facility with U.S. Bank National Association, effective from August 3, 2021. The facility offers a maximum availability of $3 million, with interest based on the one-month LIBOR plus 1.35%. CEO Joe Mozden Jr. emphasized that this funding supports Sonic Foundry's growth strategy by enabling investments in new markets and enhancing cloud and event services. The company is a leading provider in video management and hybrid events, serving over 5,200 clients in 65 countries.
- Secured a $3 million revolving credit facility to strengthen financial position.
- Potential for growth through investment in new markets and enhanced offerings.
- None.
MADISON, Wis., Aug. 03, 2021 (GLOBE NEWSWIRE) -- MADISON, Wis. — August 3, 2021 (GLOBE NEWSWIRE) — Sonic Foundry, Inc. (OTC Pink Sheets: SOFO), the trusted leader for video creation, management solutions as well as virtual and hybrid events, today announced that the company has obtained a new
The new agreement maintains a maximum availability of
“We are very pleased to announce the closing of our new revolving credit facility with U.S. Bank,” said Joe Mozden Jr., CEO, Sonic Foundry. “This new line of credit supports our vision and prospects for creating substantial growth by investing in new markets and enhancing our cloud and event offerings. Most importantly, it represents an important validation of our strategy. We are excited to work with them in the continued growth of Sonic Foundry.”
About Sonic Foundry®, Inc.
Sonic Foundry (OTC: SOFO) is the global leader for video capture, management and streaming solutions as well as virtual and hybrid events. Trusted by more than 5,200 educational institutions, corporations, health organizations and government entities in over 65 countries, its Mediasite Video Platform quickly and cost-effectively automates the capture, management, delivery and search of live and on-demand streaming videos. Learn more at www.mediasite.com and @mediasite.
© 2021 Sonic Foundry, Inc. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.
Forward Looking Statements
This news release contains forward-looking statements about the products and services of Sonic Foundry within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements include statements about our products and services, our customer base, strategic investments, new partnerships, our future operating results and any statements we make about the company’s future. These types of statements address matters that are subject to many risks and uncertainties. Actual results could differ materially from the forward-looking guidance we provide. Any forward-looking statements should be considered in context of the risk factors disclosed in our periodic forms 10Q, 10K and other filings with the SEC. These filings can be accessed on-line at www.sec.gov and other websites or can be obtained from the company’s investor relations department. All of the information and disclosures we make in this news release regarding our business, including any forward-looking guidance, are as of the date given and we assume no obligation to update or change this information, regardless of subsequent events.
FAQ
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