Asure Software Announces Debt Consolidation
AUSTIN, Texas, Oct. 8, 2013 (GLOBE NEWSWIRE) -- Asure Software (Nasdaq:ASUR)
announced today the successful completion of its debt consolidation
initiatives. The company entered into the Third Amendment to the Loan
Agreement with Deerpath Funding, LP. Under this amendment, the company
borrowed an additional $2.5 million and obtained a commitment from Deerpath to
lend Asure Software an additional $1.5 million on or before Dec. 31, 2013.
Asure has used the net proceeds to pay two Legiant Acquisition Notes totaling
$1.7 million, as well as two related party 15 percent Notes totaling $800,000.
These loans were all due in October 2014.
"Consolidating our debt has a number of advantages, including reducing our
short term debt requirements," commented Jennifer Crow, Asure Software CFO.
"This is a significant step forward in our plan to improve liquidity in 2014.
We are pleased to continue our relationship with Deerpath. This additional
funding of $2.5 million by Deerpath demonstrates their continued confidence in
our ability to fully deliver on our strategic objectives."
About Asure Software
Asure Software, Inc., (Nasdaq:ASUR) headquartered in Austin, Texas, offers
cloud-based time and labor management and workspace management solutions that
enable businesses to control their biggest costs – labor, real estate and
technology – and prepare for the workforce of the future in a highly mobile,
geographically disparate and technically wired work environment. Asure serves
approximately 6,000 clients worldwide and currently offers two main product
lines: AsureSpace™ workplace management solutions enable organizations to
maximize the ROI of their real estate, and AsureForce^® time and labor
management solutions deliver efficient management of human resource and
payroll processes. For more information, please visit www.asuresoftware.com
The Asure Software, Inc. logo is available at
Cautionary Note Regarding Forward Looking Statements
This release may contain forward-looking statements that involve risks and
uncertainties. Any forward-looking statements and all other statements that
may be made in this news release that are not historical facts are subject to
a number of risks and uncertainties, and actual results may differ materially.
Please refer to Asure Software's filings with the Securities and Exchange
Commission (SEC) for more information on the risk factors that could cause
actual results to differ. Copiesof Asure Software's filing are available from
the SEC, may be found on Asure Software's website, or may be obtained upon
request from Asure Software.
CONTACT: Jennifer Crow, CFO
Asure Software, Inc.
Asure Software, Inc. Logo
Press spacebar to pause and continue. Press esc to stop.