Siyata Mobile Arranges CDN$1.275MM Credit Facility From Tier 1 Canadian Bank
Montréal, QC – Siyata Mobile Inc. (TSX-V:SIM / OTC PINK:SIMFF) (the “Company” or “Siyata”) is pleased to announce that its subsidiary, Signifi Mobile Inc. (“Signifi”) has received a CDN$1.275MM commitment from a Tier 1 Canadian Bank to finance its growth.
The commitment is secured against certain assets of Signifi and comprises of four separate facilities totalling $1.275MM at prime plus 2%.
Marc Seelenfreund, CEO of Siyata Mobile stated, “This is a great achievement for Siyata Mobile to have a leading Canadian bank as our partner. This finance commitment will assist with our working capital and support our continued rapid growth in North America.”
The Company also announces that it has received CND$150,000 from the proceeds of broker warrants that were issued in relation to the financing completed in connection with its reverse takeover in July of 2015.
Siyata Mobile Inc. is a leading global developer and provider of innovative cellular communication systems under the Uniden® Cellular brand. Siyata’s “Connected-Vehicle” devices and accessories are specifically designed for professional fleets including trucks, vans, buses, emergency service vehicles, government cars and more. Siyata aims to provide greater mobile connectivity for professional drivers and to facilitate replacement of the aging in-vehicle, multi-device status quo with a single device that incorporates voice, push-to-talk, data, and fleet management solutions.
Siyata also markets and sells Uniden® cellular signal boosters and accessories as well as rugged mobile phones for both the consumer and enterprise markets. Siyata’s customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the US, Europe, Australia, and the Middle East.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
CEO and Director
Glenn Kennedy, VP Sales
Siyata Mobile Inc.
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This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.