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.
About BBTV
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 technology, 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.
Forward Looking
Statements
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.
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SOURCE BBTV Holdings Inc.