TORONTO, ONTARIO -- (Marketwired) -- 01/11/16 -- GuestLogix Inc. ("GuestLogix" or the "Company") (TSX: GXI), the leading global provider of ancillary-focused merchandising, payment and business intelligence technology to airlines and the passenger travel industry, has released the following corporate update:
-- The previously disclosed forbearance agreements, pursuant to which the Company's senior lender and subordinated lenders (collectively, the "Lenders") agreed to forbear from taking any steps to demand repayment of the amounts owing under the Company's US$7.5 million senior revolving credit facility and CDN$9 million subordinated term credit facility (collectively, the "Credit Facilities"), expired on December 31, 2015. -- The Company is in negotiations with the Lenders to extend the forbearance period in the forbearance agreements entered into on December 1, 2015, and expects to complete these negotiations this week. The Company has been advised that the Lenders will not seek to enforce any of their rights under the amended facilities agreement during this period. -- The extensions are to provide the Company with additional time to continue its previously disclosed review of strategic alternatives to enhance shareholder value, which is being carried out by its financial advisor, Canaccord Genuity.
GuestLogix Inc. (TSX: GXI), is a global leader in comprehensive merchandising, payment and business intelligence technology delivered to the passenger travel industry, both onboard and off-board. Bringing over a decade of expertise as the industry's most trusted onboard transaction processing partner to airlines, rail operators and elsewhere in the passenger travel industry, GuestLogix powers the industry's growing reliance on ancillary revenue generation. Both direct to operators as well as through partnerships with global leaders in catering, duty-free, inflight entertainment and self-service retail experts, the Company provides the payment services touching over 1 billion travelling consumers each year. On December 23, 2014, GuestLogix announced the acquisition of OpenJaw Technologies, a Dublin-based technology company focused on travel retailing innovation in the e-commerce segment. GuestLogix' global headquarters and centre for product innovation is located in Toronto, with regional offices located in Dallas, London, Dublin, Galway, Madrid and Hong Kong, and product innovation labs located in Moncton and Krakow. More information is available at www.guestlogix.com and www.openjawtech.com.
© 2016 GuestLogix. All Rights Reserved.
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with GuestLogix' business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect GuestLogix' current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the Filing Statement filed on November 12, 2015 with the regulatory authorities. GuestLogix assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
SVP Marketing & Communications