BBTV Provides Balance Sheet Update

VANCOUVER, BC, Oct. 12, 2022 /CNW/ - BBTV Holdings Inc. (TSX: BBTV) (OTCQX: BBTVF) (Frankfurt: 64V) ("BBTV" or the "Company"), the leading creator monetization company with a mission to help creators become more successful, announces that RTL Group ('Lender') is working with BBTV to improve BBTV's balance sheet in order to attract new debt financing to help provide the Company access to additional working capital during the current uncertain macroeconomic environment, and to continue to develop its Plus Solutions and other growth initiatives. 

To improve the Company's balance sheet, the Lender has reduced its debt under its secured convertible promissory loan note ("Secured Convertible Loan"), by approximately $12.8 million to approximately $19.2 million based on balances as of September 30, 2022. The remaining terms of the Secured Convertible Loan are currently unchanged.   These include the Lender's option to convert its debt on maturity on May 26, 2026, to Subordinate Voting Shares of BBTV.  The foregoing amendment to the Secured Convertible Loan is subject to TSX acceptance. 

For more information visit www.bbtv.com.

BBTV is a global media and technology company headquartered in Vancouver, Canada. The Company's mission is to help content creators become more successful. With creators ranging from individuals to global media brands, BBTV provides comprehensive, end-to-end Solutions to increase viewership and drive revenue powered by its innovative echnology, while allowing creators to focus on their core competency – content creation. In December 2021, BBTV had the fourth most unique monthly viewers among digital platforms with more than 600 million globally, who consumed more than 35 billion minutes of video content [1]. (www.bbtv.com)

[1] Calculations and classifications made by BBTV based on data from Comscore's "Top 12 Countries = December 2021 comScore Video Metrix Media Trend – Multi-Platform – Top 100 Video Properties Report"; Top 12 countries represent ~50% of world's digital population.

This press release contains "forward–looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"). Forward-looking information is not information about historical facts but instead represents the Company's intentions, beliefs, plans, goals, objectives and strategies regarding future events and results. Forward-looking information contained in this press release includes the statement that RTL Group is working with BBTV to improve BBTV's balance sheet in order to attract new debt financing to help provide the Company access to additional working capital during the current uncertain macroeconomic environment, and to continue to develop its Plus Solutions and other growth initiatives.  No new debt financing by the Company has been secured at this time, nor can there be any assurance that one will be obtained during the current uncertain economic environment. Forward-looking information is necessarily based on a number of estimates and assumptions that the Company considered appropriate and reasonable as of the date such information is given, including but not limited to the assumption that the reduction of debt under the Secured Convertible Loan will help attract new debt financing on terms acceptable to the Company, and that such financing will help the Company achieve its stated goals. Forward-looking information is subject to known and unknown risks, uncertainties, and other factors, many of which are beyond the Company's control, that may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk that the Company's assumptions on which its forward-looking information is based may not be accurate; that new debt financing may not be available to the Company on terms acceptable to the Company or at all; that the Company has a history of losses and negative cash flow; that the current uncertain economic environment may negatively impact the Company's ability to grow notwithstanding any new debt financing; the effect of competition; the Company's significant reliance on the demand for advertising inventory and its relationship with one digital platform; and the impact of the continuing COVID-19 pandemic; as well as the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 29, 2022 filed on sedar at www.sedar.com and in the Company's other filings with the Canadian securities regulatory authorities at www.sedar.com. The Company does not undertake any obligation to update any forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/bbtv-provides-balance-sheet-update-301646690.html

SOURCE BBTV Holdings Inc.

[ Back To TMCnet.com's Homepage ]