MADISON, Wis. — August 3, 2021 — (GLOBE NEWSWIRE) Sonic Foundry, Inc. (OTC Pink Sheets: SOFO), the trusted leader for video creation, management solutions as well as virtual and hybrid events, today announced that the company has obtained a new $3 million secured revolving credit facility with U.S. Bank National Association.
The new agreement maintains a maximum availability of $3 million or the applicable borrowing base and bears interest at an annual rate equal to the one-month LIBOR plus 1.35% through July 28, 2022.
“We are very pleased to announce the closing of our new revolving credit facility with U.S. Bank,” said Joe Mozden Jr., CEO, Sonic Foundry. “This new line of credit supports our vision and prospects for creating substantial growth by investing in new markets and enhancing our cloud and event offerings. Most importantly, it represents an important validation of our strategy. We are excited to work with them in the continued growth of Sonic Foundry.”
Forward Looking Statements
This news release contains forward-looking statements about the products and services of Sonic Foundry within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements include statements about our products and services, our customer base, strategic investments, new partnerships, our future operating results and any statements we make about the company’s future. These types of statements address matters that are subject to many risks and uncertainties. Actual results could differ materially from the forward-looking guidance we provide. Any forward-looking statements should be considered in context of the risk factors disclosed in our periodic forms 10Q, 10K and other filings with the SEC. These filings can be accessed on-line at www.sec.gov and other websites or can be obtained from the company’s investor relations department. All of the information and disclosures we make in this news release regarding our business, including any forward-looking guidance, are as of the date given and we assume no obligation to update or change this information, regardless of subsequent events.
About Sonic Foundry®, Inc.
Founded in 1991 and headquartered in Madison, Wis., Sonic Foundry (OTC: SOFO) is dedicated to transforming how the world works and learns through innovative and scalable technology solutions. Sonic Foundry’s brands include Vidable® and Global Learning Exchange® which help unlock a smarter, more connected world for learners, workers, and entrepreneurs everywhere. For more information visit www.sonicfoundry.com.
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