Kovo HealthTech Announces Signing of Forbearance Agreement With Its Primary Lender
Kovo HealthTech Announces Signing of Forbearance Agreement With Its Primary Lender
Vancouver, British Columbia--(Newsfile Corp. - April 3, 2024) - Kovo HealthTech Corporation (TSXV: KOVO) (the "Company" or "Kovo") - a leader in healthcare Billing-as-a-Service - announces a forbearance agreement with its primary lender Avonlea Ventures #2 Inc. ("AVI"), a corporation wholly-owned by Micheal Steele, a director of Kovo.
不列顛哥倫比亞省溫哥華--(Newsfile Corp.,2024 年 4 月 3 日)-Kovo HealthTech Corporation(TSXV:KOVO)(the”公司“或”科沃“) ——醫療保健計費即服務領域的領導者——宣佈與其主要貸款機構Avonlea Ventures #2 Inc. 簽訂寬容協議 (”AVI“),一家由科沃董事邁克爾·斯蒂爾全資擁有的公司。
Kovo's primary lender, AVI entered into a forbearance agreement (the "Forbearance Agreement") dated February 27th, 2024 in connection with the investment agreement and senior loan and security agreement (the "Credit Agreement") entered into between AVI and Kovo dated April 20, 2023 (see press release dated April 21, 2023). Pursuant to the Forbearance Agreement, AVI advanced an additional US$1,250,000 under the Credit Agreement and, notwithstanding the April 30, 2024 maturity date of the indebtedness advanced under the Credit Agreement, AVI has agreed to forbear on taking certain enforcement actions under the Credit Agreement until April 20, 2024 so long management delivers an operating plan acceptable to the lender in its sole and unfettered discretion (the "New Operating Plan"). In the event that such condition is satisfied, the forbearance period will extend until June 30, 2024. The forbearance is subject to a fee equal to 20% of the total indebtedness as at February 27, 2024 and to certain additional conditions customary for transactions of this nature such as strict adherence to the Credit Agreement and the approval by the independent directors of the New Operating Plan. The forbearance will allow Kovo to continue operating while AVI assesses the business strengths and opportunities. AVI's willingness to enter into the Forbearance Agreement and work collaboratively with the Board of Directors in the preparation of the New Operating Plan indicates a positive outlook on the Kovo business and its re-focused business model. AVI has assigned Mr. Justin Anderson as Chief Restructuring Officer to assist management to immediately begin the process of implementing changes to grow revenues, structure the business more efficiently and prepare the baseline business for transacting within its marketplace. Although Kovo has drawn approximately USD$5.0 million of the available USD$7.0 million under the Credit Agreement, AVI has indicated it may permit Kovo to draw on the remaining USD$2.0 million under certain circumstances should it be satisfied that certain operating conditions can be met.
Kovo的主要貸款機構AVI簽訂了寬容協議(”寬容協議“) 日期爲 2 月 27 日第四,2024 年與投資協議和優先貸款和擔保協議有關(”信貸協議“) 於 2023 年 4 月 20 日在 AVI 和 Kovo 之間簽訂協議(參見 2023 年 4 月 21 日的新聞稿)。根據寬容協議,AVI根據信貸協議額外預付了125萬美元,儘管根據信貸協議預付的債務的到期日爲2024年4月30日,但AVI已同意在2024年4月20日之前停止根據信貸協議採取某些執法行動,以便管理層完全不受限制地提供貸款人可以接受的運營計劃(”新的運營計劃“)。如果滿足此類條件,則寬容期將延長至2024年6月30日。寬限將收取相當於截至2024年2月27日總負債20%的費用,並遵守此類性質交易所慣用的某些額外條件,例如嚴格遵守信貸協議和獨立董事批准新運營計劃。寬容將使Kovo能夠在AVI評估業務優勢和機會的同時繼續運營。AVI願意簽訂寬容協議並與董事會合作制定新的運營計劃,這表明Kovo業務及其重新調整的商業模式前景樂觀。AVI已指派賈斯汀·安德森先生爲首席重組官,協助管理層立即開始實施變革的進程,以增加收入,更有效地組織業務併爲在市場內進行交易做好基準業務的準備。儘管根據信貸協議,Kovo已從可用的700萬美元中提取了約500萬美元,但AVI表示,如果確信某些運營條件可以滿足,它可能會允許Kovo在某些情況下提取剩餘的200萬美元。
About Kovo HealthTech Corporation
關於 Kovo 健康科技公司
Kovo HealthTech Corporation is a growing healthcare technology company that specializes in Billing-as-a-Service offering SaaS-style recurring revenue contracts and software for more than 1700 US healthcare providers. Kovo helps healthcare providers digitally track and manage complex patient care registration, services, billing and payments in a seamless way, using its industry-leading OneRev technology platform. Currently, through its clients, Kovo processes over $250 million CAD ($200M USD) in annual billing transactions for more than 4.5 million patients. By offering effective billing practices and technology through long-term SaaS-style contracts, Kovo helps healthcare practitioners get paid so they can focus on offering quality care. To learn more about Kovo and to keep up-to-date on Kovo news, visit .
Kovo HealthTech Corporation是一家成長中的醫療保健技術公司,專門從事計費即服務,爲1700多家美國醫療保健提供商提供SaaS式的經常性收入合同和軟件。Kovo 使用其行業領先的 OneRev 技術平台,幫助醫療保健提供商以數字方式無縫跟蹤和管理複雜的患者護理登記、服務、賬單和付款。目前,Kovo通過其客戶爲超過450萬名患者處理超過2.5億加元(合2億美元)的年度賬單交易。通過長期的SaaS式合同提供有效的計費做法和技術,Kovo幫助醫療保健從業人員獲得報酬,使他們能夠專注於提供優質的醫療服務。要了解有關Kovo的更多信息並了解Kovo的最新新聞,請訪問。
For more information:
Greg Noble, CEO
investors@kovo.co
1-866-558-6777
欲了解更多信息:
首席執行官格雷格諾布爾
investors@kovo.co
1-866-558-6777
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