iPass Secures Credit Facility of Up to $20M
June 19 2018 - 6:05AM
iPass Inc. (NASDAQ:IPAS), a leading provider of global mobile
connectivity, today announced that it has finalized a senior
secured credit facility of up to $20 million from affiliates of
funds managed by affiliates of Fortress Investment Group LLC .
This facility is secured by all of iPass’ assets, including
its patent portfolio. B. Riley FBR, Inc. served as placement agent
and financial advisor to iPass.
“We’re excited to have such a highly regarded institution as
Fortress as a partner,” said Gary Griffiths, iPass president and
CEO. “With our balance sheet strengthened by this financing,
we can shift focus back to growing our revenue and closing the gap
to profitability. Moreover, using our patents as the security
for this loan brings credibility to the prowess of the patents that
provide the basis for iPass SmartConnect™ and Veri-FiTM product
families.”
Under the agreement, $10 million is immediately available to
iPass and has been drawn down. Additional details of the
transaction can be found in the iPass 8K filed today with the
SEC.
About iPass
Inc.
iPass (NASDAQ: IPAS) is a leading provider of global mobile
connectivity, offering simple, secure, always-on Wi-Fi access on
any mobile device. Built on a software-as-a-service (SaaS)
platform, the iPass cloud-based service keeps its customers
connected by providing unlimited Wi-Fi connectivity on unlimited
devices. iPass is the world’s largest Wi-Fi network, with more than
64 million hotspots around the globe, at airports, hotels, train
stations, convention centers, outdoor venues, inflight, and more.
Using patented technology, the iPass SmartConnect™ platform takes
the guesswork out of Wi-Fi, automatically connecting customers to
the best hotspot for their needs. Customers simply download the
iPass SmartConnect app to experience unlimited, everywhere, and
invisible Wi-Fi.
iPass® is a registered trademark of iPass Inc. Wi-Fi® is a
registered trademark of the Wi-Fi Alliance. All other trademarks
are owned by their respective owners.
About Fortress
Fortress Investment Group LLC is a leading, highly diversified
global investment manager with approximately $40.9 billion of
assets under management as March 31, 2018. Founded in 1998,
Fortress manages assets on behalf of over 1,750 institutional
clients and private investors worldwide across a range of credit
and real estate, private equity and permanent capital investment
strategies.
About B. Riley FBR, Inc.
B. Riley FBR, Inc. is a leading investment bank which
provides corporate finance, research and sales and trading to
corporate, institutional and high net worth individual clients.
Investment banking services include initial, secondary and
follow-on offerings, institutional private placements and merger
and acquisitions advisory services. The firm is nationally
recognized for its highly ranked proprietary equity research.
B. Riley Financial, Inc. (NASDAQ:RILY), through its
subsidiaries, provides collaborative financial services and
solutions to the capital raising and financial advisory needs of
public and private companies and high net worth
individuals. The company operates through several wholly-owned
subsidiaries, including B. Riley FBR,
Inc., Wunderlich Securities, Inc., Great American Group,
LLC, B. Riley Capital Management, LLC (which
includes B. Riley Asset Management, B. Riley Wealth
Management, and Great American Capital Partners, LLC)
and B. Riley Principal Investments, a group that makes
proprietary investments in other businesses, such as the
acquisition of United Online, Inc.
Media Contacts:
For iPass:
Alex Crawshaw Spark Communications +44 (0) 20 7436 0420
ipass@sparkcomms.co.uk
For Fortress:
Gordon E. RuntéFortress Investment Group +1-212-798-6082
grunte@fortress.com
For B. Riley & Co:
Joe LoBello LoBello Communications 516-902-2694
Joe@LoBelloCommunications.com