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Apteryx Imaging Inc. Enters into Financing Agreement with National Bank of Canada

  • May 05, 2020
  • News Releases

Vancouver, BC – May 5, 2020 – Apteryx Imaging Inc. (the “Company”) is pleased to announce the completion of a new secured financing agreement with National Bank of Canada, securing an operating line of credit up to a maximum of CDN$3.5 million and a credit card facility up to a maximum of CDN$150,000.

“We are very pleased to have a credit facility with National Bank of Canada, one of Canada’s top banks,” stated Dr. David Gane, CEO of Apteryx Imaging. “From the outset, their Tech and Innovation team invested the time to understand our business, demonstrated a deep understanding of our space and provided sound business and financial advice. This new facility gives us flexibility for accessing capital to finance our day to day operations and to drive our growth initiatives for 2020 and beyond.”

The Facility is secured by assets of Apteryx Imaging and its US subsidiaries, which primarily consists of intellectual property, inventory and accounts receivable. The proceeds of the Facility will be used for general corporate and working capital purposes.

Pursuant to the agreed upon conditions of the Facility, the Company can draw down funds as required based on a multiple of its monthly recurring revenues (“MRR”).  The facility is competitively priced and contains customary financial and restrictive covenants.

“National Bank’s Technology and Innovation Banking Group is excited to support Apteryx. We’re proud to partner in this exciting global growth story and help Apteryx navigate through these uncertain economic times. With over 20 years of experience helping Tech companies like Apteryx, this collaboration further illustrates our commitment to Canada’s national innovation ecosystem,” said Irfan S. Daya, Managing Director, Technology and Innovation Banking Group at National Bank.

For more information about Apteryx, its products and services, please visit www.apteryx.com or call 877-278-3799.

About Apteryx Imaging Inc.

Apteryx Imaging has provided dentists and oral health specialists with advanced diagnostic imaging software and device technologies for over 20 years. Our proprietary technologies include XrayVision, XVWeb and XrayVision DCV imaging software solutions, the VELscope Vx Enhanced Oral Assessment and TUXEDO Intraoral Sensors.

Backed by an experienced leadership team and dedicated to a higher level of service and support, Apteryx Imaging is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio. The Company is currently listed on the TSXV under the symbol XRAY, the OTCQB under the symbol APTEF, as well as the Frankfurt Stock Exchange under the symbol XRAY.

About National Bank

With $289 billion in assets as at January 31, 2020, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.

Media Contact:

Apteryx Inc.
Chris Koch
Phone: 678-293-9413
Email: chris.koch@apteryx.com

Corporate Contact:
Apteryx Imaging Inc.
David Gane, CEO
Phone: 604-434-4614 ext. 227
Email: david.gane@apteryx.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.