Brief: Thinfilm Closes Debt Financing Of Up To $13.2 Million

Ensurge Micropower ASA

12/09/2019 06:04

Sept 12 (Reuters) - Thin Film Electronics ASA  THIN.OL :
    * REG-THINFILM CLOSES DEBT FINANCING OF UP TO $13.2 MILLION
AND
PROVIDES STRATEGIC UPDATE
    * WHOLLY OWNED US SUBSIDIARY, THIN FILM ELECTRONICS, INC.
HAS
CLOSED AN EQUIPMENT TERM LOAN FACILITY WITH UTICA LEASECO, LLC
FOR FINANCING OF UP TO $13.2 MILLION
    * EXPECTED TO FUND IN TWO TRANCHES DURING MONTH OF SEPTEMBER
2019
    * INTENDS TO USE PROCEEDS FROM LOANS FOR WORKING CAPITAL TO
FUND
ONGOING OPERATIONS AND TO SUPPORT ITS EXECUTION OF STRATEGIC
INITIATIVES
    * WILL BEGIN A PROCESS TO PURSUE MONETIZING ITS CNECT
SOFTWARE
PLATFORM AND RELATED NFC ASSETS THROUGH POTENTIAL LICENSING OR
SALE OF ITS RELATED INTELLECTUAL PROPERTY
    * PRELIMINARY DISCUSSIONS HAVE BEEN INITIATED WITH POTENTIAL
PARTNERS WHO ARE INTERESTED IN OFFERING NFC ENABLED SOLUTIONS
SUPPORTED BY A ROBUST DATA ANALYTICS SOFTWARE PLATFORM

Source text for Eikon:  ID:nGNEbFvQqJ 
Further company coverage:  THIN.OL 

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