Mr. Andrew Duncan reports

BOARDWALKTECH SECURES $US4.0 MILLION LINE OF CREDIT FACILITY

Boardwalktech Software Corp. has secured, as of March 28, 2024, a three-year $4.0-million (U.S.) line of credit 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:

• $4.0-million (U.S.) total facility, up to 60 per cent 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-per-cent initial interest rate, based on Prime (Wall Street Journal) plus 4 per cent;

• 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 break-even, 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, chief executive officer 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 small business account 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 life cycles.

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 are 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, Calif., with offices in India and operations in North America.

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