Asure Software Announces Debt Consolidation
AUSTIN, Texas, Oct. 8, 2013 (GLOBE NEWSWIRE) -- Asure Software (Nasdaq:ASUR) announced today the successful completion of its debt consolidation initiatives. The company entered into the Third Amendment to the Loan Agreement with Deerpath Funding, LP. Under this amendment, the company borrowed an additional $2.5 million and obtained a commitment from Deerpath to lend Asure Software an additional $1.5 million on or before Dec. 31, 2013. Asure has used the net proceeds to pay two Legiant Acquisition Notes totaling $1.7 million, as well as two related party 15 percent Notes totaling $800,000. These loans were all due in October 2014.
"Consolidating our debt has a number of advantages, including reducing our short term debt requirements," commented Jennifer Crow, Asure Software CFO. "This is a significant step forward in our plan to improve liquidity in 2014. We are pleased to continue our relationship with Deerpath. This additional funding of $2.5 million by Deerpath demonstrates their continued confidence in our ability to fully deliver on our strategic objectives."
About Asure Software
Asure Software, Inc., (Nasdaq:ASUR) headquartered in Austin, Texas, offers cloud-based time and labor management and workspace management solutions that enable businesses to control their biggest costs — labor, real estate and technology — and prepare for the workforce of the future in a highly mobile, geographically disparate and technically wired work environment. Asure serves approximately 6,000 clients worldwide and currently offers two main product lines: AsureSpace™ workplace management solutions enable organizations to maximize the ROI of their real estate, and AsureForce® time and labor management solutions deliver efficient management of human resource and payroll processes. For more information, please visit www.asuresoftware.com
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Cautionary Note Regarding Forward Looking Statements
This release may contain forward-looking statements that involve risks and uncertainties. Any forward-looking statements and all other statements that may be made in this news release that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. Please refer to Asure Software's filings with the Securities and Exchange Commission (SEC) for more information on the risk factors that could cause actual results to differ. Copies of Asure Software's filing are available from the SEC, may be found on Asure Software's website, or may be obtained upon request from Asure Software.
CONTACT: Jennifer Crow, CFO Asure Software, Inc. 512.437.2732 email@example.com