NameSilo Technologies Corp. Refinances Outstanding Loans And Announces Record NameSilo LLC Q3 Bookings
VANCOUVER, BRITISH COLUMBIA - TheNewswire - October 27, 2021 – NameSilo Technologies Corp. (CNSX:URL.CN) (OTC:URLOF) (the “Company”) wishes to announce that it has entered into a loan agreement with a third party lender (the “Lender”) whereby the Lender will loan the Company a total of $3.9 million (the “Loan”). The Loan is for a term of three (3) years and accrues interest at a rate of 12% per annum. Closing of the Loan will occur on or about October 28, 2021.
Paul Andreola, Chief Executive Officer and director of the Company stated, “We are refinancing our existing loans with a new three year term loan. We anticipate that the free cash flow generated from the NameSilo business will easily service this loan over the next three years. Our focus will now turn towards using any additional free cash flow to grow the operations through product enhancements and marketing and to add to our investment portfolio.”
Under the terms of the loan agreement, the Lender may convert, at its option, all or any portion of the principal in common shares of the Company at a price of $0.25 per share. The Company will have the right to cause a forced conversion of 50% of the outstanding principal amount into common shares if the volume average weighted price of the common shares is equal to or greater than $0.50 per share over twenty consecutive trading days.
The Company will have the right to prepay all or any portion of the principal at any time. If the Company elects to repay any portion of the Loan, the Borrower will be entitled to a fee equal to one year of interest on the principal amount repaid by the Company. The Lender has been granted certain security interests in the business of the Company, which are inline with transactions of a similar nature.
NameSilo LLC has Record Q3 Total Bookings*
The Company is pleased to announce that NameSilo LLC total bookings* for the quarter ending September 30, 2021, reached a record US$10.04 million. This is up 48.8% from the same period in 2020 and up 16.1% sequentially from Q2 2021. Domains under management have surpassed 4.4 million making NameSilo LLC the 11th largest domain registrar in the world of which there are over 3000.
NameSilo Technologies Corp.
President, CEO and Director
About NameSilo Technologies Corp. and NameSilo LLC
NameSilo Technologies Corp. invests its capital in companies and opportunities which management believes are undervalued and have potential for significant appreciation. The company makes investments in both public and private markets and focuses on opportunities in a wide variety of industries excluding the resource and resource service sectors. Namesilo does not invest on behalf of any third party and it does not offer investment advice.
NameSilo LLC is a low-cost provider of domain name registration and management services. As an accredited ICANN registrar, NameSilo is one of the fastest growing domain registrars in the world with approximately 4.4 million active domains under management, and over 310,000 customers from approximately 160 countries.
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding potential future investments by the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements.
*Non-IFRS Financial Measure
Readers are cautioned that “total bookings” is a measure not recognized under IFRS. Total bookings includes the full amount of cash received from new domain bookings, renewals and other related services. Whereas, under IFRS, the Company records revenue from domain booking and renewal fees on a straight-line basis over the life of the contract term. However, the Company’s management believes that “total bookings” provides investors with insight into management’s decision-making process because management uses this measure to run the business and make financial, strategic and operating decisions. Further, “total bookings” also provides useful insight into the Company’s operating performance on a yearly basis. “Total bookings” do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that “total bookings” are not an alternative to measures determined in accordance with IFRS and should not, on their own, be construed as indicators of performance, cash flow or profitability.
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