Non-dilutive, ARR-based debt instrument for growth-stage purposes.
Boardwalktech Software Corp ('Boardwalktech' or the 'Company'), a leading digital ledger platform and enterprise software solutions company, is pleased to announce that as of March 28, 2024, the Company has secured a three-year $US4.0 million Line-of-Credit ('LOC') facility with Celtic Bank, for growth needs including expansion of its recurring revenue. The Company expects to use the proceeds of this LOC for sales and marketing expenditures, working capital requirements, and to enhance its balance sheet to drive new business.
Key terms of the LOC facility include:
$US4.0 million total facility, up to 60% of trailing 12-month ARR (annual recurring revenue)
Interest-only period through the initial three-year term. The LOC may be extended by both parties
12.5% initial interest rate, based on Prime (Wall Street Journal) plus 4%
Non-dilutive: No warrants, conversions, or Loan Bonuses included
'After entertaining several offers, during a challenging financing environment, we are very pleased to partner with Celtic Bank to provide us the funds and flexibility to address working capital needs for growth. While the Company continues to progress towards cash-based breakeven, this LOC facility provides Boardwalktech with the flexibility to achieve its growth potential, without relying upon market conditions nor equity sources,' said Andrew T. Duncan, CEO of Boardwalktech. 'Customer demand for our Unity Central, Velocity, and Digital Ledger products necessitate both available Sales and Marketing resources to monetize those recurring revenue opportunities, while putting sufficient cash on our balance sheet to ease due diligence needs during such engagements. As such, we look forward to announcements reflecting that progress.'
About Celtic Bank
Founded in 2001 and headquartered in Salt Lake City, Utah, Celtic Bank is an industrial bank specializing in a diverse range of financing solutions for businesses. The bank's early focus was in small business lending through the SBA loan program and Celtic continues to consistently rank in the top 10 SBA lenders nationwide by dollar volume. Over the years, the bank has expanded its offerings through financial technology partnerships and has grown its assets in other sectors, including renewable energy, equipment, asset-based lending, software/technology, and franchising, allowing the bank to assist a broad range of commercial customers across different industries and lifecycles. Celtic Bank is an Equal Housing Lender, Member FDIC. For more information about Celtic Bank and recurring revenue financing at Celtic Bank, contact Daniel Godfrey at DGodfrey@celticbank.com, or visit: www.celticbank.com.
About Boardwalktech Software Corp.
Boardwalktech has developed a patented Digital Ledger Technology Platform currently used by Fortune 500 companies running mission-critical applications worldwide. Boardwalktech's digital ledger technology and its unique method of managing vast amounts of structured and unstructured data is the only platform on the market today where multiple parties can effectively work on the same data simultaneously while preserving the fidelity and provenance of the data. Boardwalktech can deliver collaborative, purpose-built enterprise information management applications on any device or user interface with full integration with enterprise systems of record in a fraction of the time it takes other non-digital ledger technology-based platforms. Boardwalktech is headquartered in Cupertino, California with offices in India and operations in North America. For more information on Boardwalktech, visit our website at www.boardwalktech.com.
BOARDWALKTECH SOFTWARE CORP. 
