REG - Narf Industries PLC - Invoice Financing Loan Facility

Narf IndustriesAnnouncement

12/04/2023 07:00

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RNS Number : 8984V  Narf Industries PLC  12 April 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

12 April 2023

 

NARF INDUSTRIES PLC

 

INVOICE FINANCING LOAN FACILITY

 

Narf Industries plc ("Narf", the "Company", or the "Group"), (LSE:
'NARF')(OTCQB: NFIN.F) the cybersecurity group specialising in high-end threat
intelligence and critical infrastructure security announces that it has
entered into an Invoice Financing Facility Agreement ("the Facility") with the
Company's CEO, Steve Bassi.

 

Invoice Financing

The Group has elected to enter the Facility as it was considered to be
financially more favourable to the Group than other financing options. Funds
advanced to the Group under the Facility will be used to help manage the cash
flows of the Company's subsidiaries, Narf Industries PR LLC and Narf
Industries LLC (the "Operating Subsidiaries") in respect of timing differences
on the receipts from certain invoices.

Funds advanced to the Group under the terms of the $2 million Facility will
bear interest linked to the applicable US Federal interest rates, currently
4.86 per cent. per annum, and are not required to be repaid before 30 June
2024, but the Company may elect to repay amounts early without penalty and
reborrow any amounts so repaid. The Facility is not secured.

The Facility also formalises existing undocumented non-interest bearing loans
from Mr. Bassi to the Operating Subsidiaries which currently stand at $1.3
million. The Trade Receivables of the Operating Subsidiaries currently stand
at $1.6 million all of which are expected to be received within the next 60
days.

Given the size of the Operating Subsidiaries existing and potential new
customers, the Facility will be used to fund the expansion of their respective
teams to meet the increasing demand it is experiencing for its products and
services from existing customers, and potential customers it is currently in
discussions with, as well as managing the Group's cash flow over the coming
months.

Steve Bassi did not take part in the Board's discussions or deliberations on
the terms of the Facility and did not attend any part of the Board meetings at
which such discussions and deliberations took place.

 

 

ENDS

For further information on the Group please visit www.narfgroup.com
(http://www.narfgroup.com) or contact:

 Rory Heier                                     NARF                 Tel: +44 (0) 20 3468 2212
 Catherine Leftley/Paul Dulieu/Isabel de Salis  St Brides Partners   narf@stbridespartners.co.uk
 Peter Krens                                    Tennyson Securities  Tel: +44 (0)207 186 9030

 

 

About NARF Industries plc

Narf Industries (LSE: NARF)(OTCQB: NFIN.F) is a US based cyber security group
specialising in high-end threat intelligence with a focus on critical
infrastructure. The Group leads commissioned cyber security R&D and is
commercialising a portfolio of products including TIGR that can be used by
utilities and cyber first responders to restore power to electric grids and
protecting other key infrastructure that have suffered a cyber-attack. The
Group aims to further strengthen its portfolio organically and via
acquisition; its team of highly qualified cyber security experts is well
placed to identify opportunities.

 

 

Important notice

The content of this announcement has not been approved by an authorised person
within the meaning of the Financial Services and Markets Act 2000 (FSMA). This
announcement has been issued by and is the sole responsibility of the Company.
The information in this announcement is subject to change. This announcement
is not an offer of securities for sale into the United States. The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the Securities Act), and may not be
offered or sold, directly or indirectly, in or into the United States, except
pursuant to an applicable exemption from registration. No public offering of
securities is being made in the United States. This announcement is not for
release, publication or distribution, directly or indirectly, in or into the
United States, Australia, Canada, the Republic of South Africa, Japan or any
jurisdiction where to do so might constitute a violation of local securities
laws or regulations (a Prohibited Jurisdiction). This announcement and the
information contained herein are not for release, publication or distribution,
directly or indirectly, to persons in a Prohibited Jurisdiction unless
permitted pursuant to an exemption under the relevant local law or regulation
in any such jurisdiction.

 

 

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