Financing Provides Term Loan and Revolving Working Capital Credit Facilities to Refinance Existing Debt and Accelerate Growth and Scale
LAFAYETTE, Colo., Feb. 27, 2020 (GLOBE NEWSWIRE) — urban-gro, Inc. (OTCQX: UGRO) (“urban-gro” or the “Company”), a leading engineering design services company that integrates complex equipment systems into high-performance indoor cannabis cultivation facilities around the world, is pleased to announce the closing and initial draw of its previously announced credit facility in the aggregate principal amount of US$6 million (the “Credit Facility”) with an institutional lender.
“The closing of this financing and the receipt of funds allows us to remain laser focused on profitability and in delivering our best-in-class engineering design, services, and complex systems to our customers,” said Bradley Nattrass, CEO and Chairman of urban-gro. “We are pleased to be in such a strong position to continue serving the increasing demand we are seeing across North America and Europe.”
INFOR Financial Inc. acted as the exclusive financial advisor to the Company in connection with this financing. For further details, please refer to the Company’s news release dated February 21, 2020.
About urban-gro, Inc.
urban-gro, Inc. (OTCQX: UGRO) is a leading engineering design services company that integrates complex equipment systems into high performance indoor cannabis cultivation facilities around the world. Our highly tailored, plant-centric approach to design, procurement, and systems integration provides a single point of accountability throughout the project lifecycle. urban-gro further ensures operational efficiency and economic advantage for commercial cultivators through a full spectrum of professional services and product solutions focused on facility optimization and promoting environmental health. In every engagement, our unwavering focus is on solutions that ensure success. Visit www.urban-gro.com to learn more. Follow urban-gro on Instagram, Facebook, Twitter and LinkedIn.
Safe Harbor Statement
This press release may contain forward looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the timing and the completion of the subject financing, the Company’s future capital requirements and future growth potential for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by us with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, we may not be able to sustain growth or achieve profitability based upon many factors, including, but not limited to, general market conditions and regulatory uncertainty. Reference is hereby made to the cautionary statements set forth in our most recent SEC filings. We have incurred and will continue to incur significant expenses to facilitate our growth objectives and there can be no assurance that we will generate enough revenues to offset these costs in both the near and long term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon geopolitical and other considerations in the jurisdictions in which we operate, the impact of which cannot be predicted at this time.
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