MINNEAPOLIS–(Company Wire)–Qumu Corporation (Nasdaq: QUMU), a major company of cloud-dependent organization video clip engineering for companies of all dimensions, has shut a $10 million revolving credit rating facility with Wells Fargo Financial institution, NA. The revolving credit score facility availability is identified by recurring income, and has a maturity date of January 15, 2023.
“This new credit score facility enhances our economic overall flexibility, even more supporting our potential to prudently invest in progress prospects and regulate doing work money,” claimed Dave Ristow, Qumu Main Monetary Officer. “These advantages are significant as we proceed to execute our long-expression strategic roadmap to position Qumu as a cloud-very first organization and push sustainable advancement and superior-margin, SaaS recurring revenues. We value the assistance from our spouse Wells Fargo Lender in generating a financing solution that is each responsive to our desires and created to assist our advancement aims.”
TJ Kennedy, Qumu President and Chief Govt Officer, additional: “As the transfer to remote do the job significantly turns into the norm and several firms, which include Qumu, forever changeover to entirely distributed workforces and hybrid function environments, the have to have for Qumu’s significant-scale streaming, movie on demand from customers, and video clip articles administration abilities, has never been increased. These favorable market place dynamics have us properly positioned to recognize our economical and operational goals in 2021.”
Additional aspects of the credit rating facility with Wells Fargo Financial institution will be offered in the Company’s existing report on Form 8-K, which will be submitted with the U.S. Securities and Trade Commission.
Qumu (Nasdaq: QUMU) is a primary supplier of very best-in-class tools to make, handle, secure, distribute and measure the achievements of stay and on-desire video clip for the business. Backed by the most trustworthy and seasoned group in the business, the Qumu Cloud platform enables international companies to generate personnel engagement, improve access to video clip, and modernize the office by delivering a extra successful and powerful way to share understanding.
This push release includes ahead-wanting statements that are created pursuant to the safe and sound harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this push launch that are not statements of historical reality may perhaps be considered to be ahead-hunting statements. With out limiting the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” or “estimate” or similar terminology are supposed to recognize forward-wanting statements. Forward-seeking statements are matter to many risks and uncertainties that could trigger genuine benefits to differ materially from all those expressed or implied in these statements.
These types of forward-wanting statements include, for instance, statements about: the predicted use and adoption of video clip in the business, the Company’s potential revenue and working performance, foreseeable future item mix, the demand from customers for the Company’s items or software program, or the accomplishment of initiatives in the Company’s strategic roadmap. The threats and uncertainties that could trigger actual effects to differ materially from these expressed or implied in these forward-on the lookout statements incorporate the hazard components described in the Company’s Quarterly Report on Sort 10-Q for the quarter ended June 30, 2020, any subsequently submitted Variety 10-Q and Existing Studies on Form 8-K and other filings with the Securities and Trade Commission.
The forward-wanting statements in this press launch talk only as of the date of this push launch. Other than as demanded by legislation, Qumu assumes no obligation to update or revise these ahead-looking statements for any reason, even if new facts becomes accessible in the future, besides as required by regulation.
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