Frankly Enters Into Raycom Amendments; Joe Fiveash Resigns from Board
LONG ISLAND CITY, N.Y., April 2, 2018 /PRNewswire/ -- Frankly Inc. (TSX VENTURE: TLK) (Frankly), a leader in transforming local TV broadcast and media companies by enabling them to publish and monetize their digital content across multiple platforms, announces that it has entered amendments of the Securities Purchase Agreement between Raycom Media, Inc. ("Raycom") and Frankly dated June 26, 2017 (the "SPA") and the Credit Agreement between Raycom and Frankly dated August 31, 2016 (the "Credit Agreement"). Under the amendment of the SPA, the date by which Frankly is required to increase the size of its Board by two directors has been extended from March 31, 2018 to June 30, 2018. Under the amendment of the Credit Agreement, the period for commencement of the Total Leverage Ratio and Interest Coverage Ratio covenants has been extended from the calendar quarter ending March 31, 2018 to the calendar quarter ending June 30, 2019. Additionally, under the amendment of the Credit Agreement, for the period commencing January 1, 2018, interest due on the outstanding loan balance will accrue and be added to the principal balance of the loan.
Separately, Frankly announces that Joseph G. Fiveash, III has resigned from Frankly Inc.'s Board of Directors effective as of April 2, 2018. Mr. Fiveash served on Frankly's Board of Directors since August of 2015.
Frankly (TSX VENTURE: TLK) builds an integrated software platform for media companies to create, distribute, analyze and monetize their content across all of their digital properties on web, mobile and TV. Its customers include NBC, ABC, CBS and FOX affiliates. To learn more, visit www.franklyinc.com.
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SOURCE Frankly Inc.
Released April 2, 2018