HAMILTON, Ontario, Sept. 15, 2022 (GLOBE NEWSWIRE) — Ackroo Inc. (TSX-V: AKR; OTC: AKRFF) (the “Company”), a loyalty marketing, payments and point-of-sale technology and services provider, announces they have paid off over $650k of debt during Q3 2022 out of current cash flows. With the Company now earnings and cash flow positive, allocation of those profits is a significant focus for the Company. One of the Company’s goals in 2022 is to have debt to earnings ratio back below 3 to 1 where these payments, along with the continued focus on driving earnings growth in the business, will allow the Company to achieve their goal. The paydowns also result in the Company maintaining a lower tiered interest rate of 7.5% from partners like BDC, saving the company over $75,000 this year alone.
“Paying down our debt out of cash flows was the obvious capital allocation choice for this quarter,” said Steve Levely, CEO of Ackroo. “As we continue to streamline our operations while also driving growth, we have a large focus on cash generation for the business. That cash gives us the flexibility to continue down our consolidation path, to re-invest in our organic business, but also will afford us the ability to continue to improve our balance sheet in general to get things like our debt to earnings ratios reduced and, in time, eliminated. A large portion of the paydown also resulted in our interest rates staying locked in at 2021 levels which saves the Company a significant amount of money for the year. We have a multi-tiered capital allocation plan over the next couple of years and debt paydown is certainly an important part of that strategy.”
Through vendor and industry consolidation, Ackroo provides marketing, payment and point-of-sale solutions for merchants of all sizes. Ackroo’s self-serve, data driven, cloud-based marketing platform helps merchants in-store and online process and manage loyalty, gift card and promotional transactions at the point of sale. Ackroo’s payment services provide merchants with low-cost payment processing options through some of the world’s largest payment technology and service providers. Ackroo’s hybrid management and point-of-sale solutions help manage and optimize the general operations for niche industry’s including golf clubs, automotive dealers and more. All solutions are focused on helping to consolidate, simplify and improve the merchant marketing, payments and point-of sale ecosystem for their clients. Ackroo is headquartered in Hamilton, Ontario, Canada. For more information, visit: www.ackroo.com.
For further information, please contact:
Chief Executive Officer | Ackroo
Tel: 416-360-5619 x730
Email: [email protected]
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Forward Looking Statements
This release contains forecasts and forward-looking statements that are not guarantees of future performance and activities and are subject to risks and uncertainties. The Company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, but are not limited to: the Company’s ability to raise enough capital to support the Company’s go forward plans; the overall global economic environment; the impact of competition and new technologies; general market, political and economic conditions in the countries in which the Company operates; projected capital expenditures and liquidity; changes in the Company’s strategy; government regulations and approvals; changes in customers’ budgeting priorities; plus other factors that may arise. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.