Yahoo Finance NameSilo Technologies Corp. Repays Outstanding Loan
CSE: URL / OTC: URLOF
VANCOUVER, BC, Oct. 7, 2024 /CNW/ - NameSilo Technologies Corp. (CSE: URL) (PINKSHEETS: URLOF) (the "Company") is pleased to announce that it has repaid its outstanding loan of $3.9 million ahead of the maturity date on October 28, 2024. The loan was repaid mainly from free cash flow generated from the NameSilo business and a one-year loan of $1.5 million from Pathfinder Partners' Fund.
Paul Andreola, Chief Executive Officer and director of the Company stated, "Over the last three years, NameSilo's robust cash flow has allowed us to grow our operations, fund a number of technology growth companies and reduce the debt on our balance sheet. We are also grateful that Pathfinder, a key stakeholder of the Company, has shown confidence in the management's vision by making this loan. With the lower debt burden, we intend to continue to pursue revenue growth as well as sourcing strategic investments to add to our significant investment portfolio."
The loan of $1.5 million from Pathfinder bears interest at 8% per annum and is due one year from the date of the loan. The loan is secured against the personal property of the Company.
About NameSilo Technologies Corp. and NameSilo LLC
NameSilo Technologies Corp. invests its capital in companies and opportunities which management believes are undervalued and have potential for significant appreciation. The company makes investments in both public and private markets and focuses on opportunities in a wide variety of industries excluding the resource and resource service sectors. NameSilo does not invest on behalf of any third party and it does not offer investment advice.
NameSilo LLC is a low-cost provider of domain name registration and management services. As an accredited ICANN registrar, NameSilo is one of the fastest growing domain registrars in the world with approximately 4.67 million active domains under management from approximately 160 countries.
Disclaimer for Forward-Looking Information
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding potential future investments by the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements.
NEITHER THE CSE NOR ITS REGULATION SERVICES PROVIDERS (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
View original content to download multimedia:https://www.prnewswire.com/news-releases/namesilo-technologies-corp-repays-outstanding-loan-302269090.html
SOURCE NameSilo Technologies Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2024/07/c3427.html
