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Neebo Inc. Announces Extension of Financial Reporting Deadlines
[June 30, 2015]

Neebo Inc. Announces Extension of Financial Reporting Deadlines


Neebo, Inc. today announced that a majority of the lenders under its working capital and term loan facilities as well as a majority of the holders of its senior secured notes have agreed to extend the deadlines for delivery of the company's fiscal year 2015 audited financials from June 29, 2015 to September 29, 2015. In addition, the company also received an extension of the deadline for its first quarter fiscal 2016 unaudited financials from August 29, 2015 to September 29, 2015. The company requested these extensions to allow it to finalize the impact on its financial statements of the recent sale of its retail store division to Follett Higher Education Group, Inc. Neebo anticipates that finalized audited fiscal 2015 financials and first quarter fiscal 2016 unaudited financials will be released by the September 29 deadline. Once finalized, these results will be shared via a quarterly earnings conference call and press release, and on the company's website.

On June 11, 2015, concurrently with the closing of the sale to Follett, PNC (News - Alert) Bank assigned to funds managed by MAST Capital Management, LLC all of its rights and obligations under the $80 million five-year revolving credit and term loan facility it entered into with the company and the other parties thereto in November 2014 (as amended, te "First Lien Credit Agreement"). The First Lien Credit Agreement was subsequently amended by the lenders thereunder and the company into a $80 million delayed draw term loan facility, which facility provides for up to an additional $35 million of delayed draw term loans. Approximately $24.8 million of the proceeds from the sale to Follett were used to repay in full PNC's obligations under the First Lien Credit Agreement prior to the assignment to MAST.



In light of the sale to Follett, Neebo is withdrawing all prior statements made by it or its management regarding the company's key strategies for growth and profitability. The company will provide an update regarding its plans and strategies at a future date.

Follett Transaction


The terms of the sale to Follett, including the full use of proceeds and the transaction's impact on Neebo, are currently confidential and have not been publicly disclosed. The company will publically disclose this information as it deems appropriate and will therefore not discuss the transaction privately with investors or other interested parties until such time.

About Neebo and Nebraska Book Company

Neebo, Inc. operates its business through its subsidiary Nebraska Book Company. Nebraska Book Company, which began in 1915 with an independent college bookstore, now represents a key textbook resource with strategic business services and technology partner to strengthen independent college retailers across the United States. Nebraska Book Company currently supports more than 2,000 independent college retailers with literally millions of textbooks nationwide, localized e-commerce capabilities and back-end system access and support. For more information about Nebraska Book Company, visit www.nebook.com. Neebo, Inc. common stock is not listed, traded or quoted on any U.S. stock exchange but is quoted on the OTC Pink Market under the symbol NEEB.


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