ProntoForms Announces $6 Million Revolving Credit Facility and Warrant Proceeds of $1.96 Million

OTTAWA, October 30, 2020 – ProntoForms Corporation (“ProntoForms” or the “Company”) (TSXV: PFM), the global leader in field-focused low-code application platforms for enterprise, announced today that it has entered a revolving credit facility with Toronto-Dominion Bank (“TD”) for an amount of up to CAD $6 million with a 2-year commitment renewable annually. The facility was partially used to settle the Company’s obligations to BDC Capital Inc. (“BDCC”), a wholly owned subsidiary of the Business Development Bank of Canada.

Also, on October 29, 2020, warrants to purchase 4,350,000 common shares of the company were exercised for proceeds of CAD $1,957,500.

“We are pleased to have secured a new senior credit facility with TD. This new arrangement reflects the value that has been built in our growing—and increasingly enterprise—recurring revenue base. This facility provides access to lower cost capital to settle our existing obligations of approximately CAD $4.2 million to BDCC and additional capacity for general use if needed. BDCC has been with us since our early stages and we appreciate their support over the last 8 years. We look forward to working with TD as we approach our next stage of growth,” commented Dave Croucher, Chief Financial Officer of ProntoForms.

About ProntoForms Corporation

ProntoForms is the global leader in field-focused low-code application platforms for enterprise. The Company’s solution is used to create apps and forms to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to enterprise systems of record.

The Company’s 100,000+ subscribers harness the intuitive, secure, and scalable solution to increase productivity, improve quality of service, and mitigate risks. The Company is based in Ottawa, Canada, and trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.

Contact Information

Alvaro Pombo
co-Chief Executive Officer
TrueContext Corporation
613.599.8288 ext. 1111
apombo@truecontext.com

Philip Deck
co-Chief Executive Officer
TrueContext Corporation
416.702.3974
pdeck@truecontext.com

Dave Croucher
Chief Financial Officer
TrueContext Corporation
613.286.9212
dcroucher@truecontext.com

Certain information in this press release may constitute forward-looking information. For example, statements about the Company’s future growth or value, the revenues anticipated to be received by the Company from recent contracts referred to above and anticipated market trends are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company’s business and value may not grow as anticipated or at all, revenue anticipated from contracts may not be received due to many risks, including factors specific to the customer, and anticipated market trends may not occur or continue. Historical growth levels and results may not be indicative of future growth levels or results. The Company 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 unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Please see “Risk Factors Affecting Future Results” in the Company’s annual management discussion and analysis dated March 9, 2022 found at www.sedar.com for a discussion of such factors. ARR is calculated as the annual equivalent of the recurring elements of our contracts with customers that are in effect at the end of the period. It excludes one-time professional service fees and assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal, unless such renewal is known to be unlikely at period end. Please also refer to the Company’s management discussion and analysis for the year ended December 31, 2022 for a description of how the Company determines and uses ARR. Neither 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.