SPYR Technologies Announces $15 Million Financing

Rhea-AI Summary

SPYR Technologies has announced $15 million in funding commitments aimed at acquisitions and corporate growth. The funding includes $1 million from convertible debentures and a $14-million equity line of credit with Brown Stone Capital. These investments are designated for ongoing acquisition negotiations and future growth. SPYR's President expressed optimism about these funding opportunities, emphasizing the company’s commitment to pursuing new directions for growth and success for shareholders.

Positive

• Secured $15 million in funding commitments for acquisitions and corporate expansion.
• Funding includes $1 million in convertible debentures and a $14-million equity line of credit, facilitating future growth.

Negative

• None.

DENVER, CO, Oct. 12, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire – SPYR Technologies (OTC Pink: SPYR), a holding company involved in building a portfolio of technology companies through targeted acquisitions, today announced that it has secured $15 million in funding commitments for acquisitions and corporate expansion.

The funding consists of two components, $1 million of convertible debentures with an individual investor and a $14-million equity line of credit with Brown Stone Capital, LP, the details of which are contained in the Form 8-K filed with the SEC on October 9, 2020. The funds from the convertible debenture are reserved for a targeted acquisition that is currently under negotiation, while the equity line is in place to fund future growth of that acquisition and to fund additional acquisitions. More details regarding the aforementioned acquisition opportunity will be forthcoming soon.

SPYR President and Chief Executive Officer, James R. Thompson, said of the funding, “We are excited to have partnered with Brown Stone and another investor to fund targeted acquisitions and growth. For several years, we have been doing our due diligence and exploring new directions and sources of funding for the Company that will allow SPYR to move forward and succeed for our shareholders.  With the support of these new investors, we expect to do just that.”

About SPYR Technologies

SPYR Technologies is a holding company involved in building a portfolio of technology companies through targeted acquisitions.  The Company is currently exploring acquisition opportunities in the technology industry.

 Safe Harbor Statement:

This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state, and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Readers are advised to review our filings with the Securities and Exchange Commission that can be accessed over the Internet at the SEC's website http://www.sec.gov, as well as SPYR’s website https://www.spyr.com, and SPYR’s Twitter account https://twitter.com/spyrinc.

Investor Relations Contact:
contact@spyr.com
303.991.8000

FAQ

What is the significance of SPYR's $15 million funding announcement?

SPYR's $15 million funding commitment is aimed at facilitating strategic acquisitions and supporting corporate growth initiatives.

How is SPYR financing its acquisition plans?

SPYR is utilizing $1 million from convertible debentures and a $14-million equity line of credit from Brown Stone Capital to finance its acquisition plans.

What types of acquisitions is SPYR pursuing?

SPYR is currently exploring opportunities in the technology sector for targeted acquisitions.

When was SPYR's funding announcement made?

SPYR announced the funding on October 12, 2020.

What role does Brown Stone Capital play in SPYR's funding?

Brown Stone Capital provided a $14-million equity line of credit that supports SPYR's acquisition and growth endeavors.