SOL Global Continues Principal Re-Payments Towards $50 Million Credit Facility and Announces Director Resignation

Rhea-AI Summary

SOL Global Investments Corp. has successfully reduced its credit facility from $50 million to $30 million by repaying $2.5 million. The company plans to continue making regular repayments on the facility. In a separate announcement, Alex Spiro has stepped down from the Board of Directors effective February 8, 2022.

The company acknowledges that forward-looking information is subject to inherent risks and uncertainties, regarding its ability to maintain repayment schedules and service existing debt.

Positive

• Reduction of credit facility principal from $50 million to $30 million.
• Ongoing commitment to regular repayments on the credit facility.

Negative

• Uncertainty surrounding future ability to meet payment obligations under the Credit Facility.

SOL Global Reduces Principal Amount of Credit Facility From $50 Million to $30 Million and Continues Repayment on a Regular Basis

TORONTO--(BUSINESS WIRE)-- SOL Global Investments Corp. (the “Company” or “SOL Global”) (CSE: SOL) (OTCQ SOLCF) (Frankfurt: 9SB) is pleased to announce that it has repaid an additional $2.5 million toward its $50 million credit facility with an arm’s length lender (the “Credit Facility”), reducing the principal amount of the Credit Facility to $30 million. SOL Global intends to continue making principal payments towards the Credit Facility on a regular basis and will provide further updates of material changes respecting the Credit Facility, including any additional payments.

The Company also announced today that Mr. Alex Spiro, a director of the Company, has stepped down from the Board of Directors effective February 8, 2022. The Company wishes to thank Mr. Spiro for his service.

Cautionary Statements

This press release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.

By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. There is no assurance that SOL Global will be able to continue to make payments or servicing other obligations under the Credit Facility, or its other current or future debt, on the expected timeline, in the manner described or at all. Additional risk factors respecting SOL Global can also be found in SOL Global’s current Management’s Discussion & Analysis, which has been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.

The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. SOL Global undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220208005601/en/

SOL Global Investments Corp.

Paul Kania, CFO

Phone: (212) 729-9208

Email: info@solglobal.com

For media inquiries, please contact: 

Davis Richardson 

AMW PR 

Phone: 212.542.3146 

Email: Davis@amwpr.com

Source: SOL Global Investments Corp.

FAQ

What is the current status of SOL Global's credit facility?

SOL Global has reduced its credit facility from $50 million to $30 million after repaying $2.5 million.

Who stepped down from the Board of Directors of SOL Global?

Alex Spiro stepped down from the Board of Directors effective February 8, 2022.

What are the implications of the credit facility reduction for SOL Global?

The reduction of the credit facility may improve financial flexibility, but there are risks related to continuing debt repayment.

What risks are associated with SOL Global's forward-looking information?

There are inherent risks and uncertainties that could affect SOL Global's ability to meet its payment obligations.