Business

Pluribus Technologies Announces Strategic Extension: Focusing on Maximizing Shareholder Value

TORONTO, April 2, 2024 /PRNewswire/ — Pluribus Technologies Corp. (TSXV: PLRB), also referred to as Pluribus or the Company, has made public an additional amendment, referenced as the Amendment, to the initial forbearance agreement stipulated on January 18, 2024, involving the Company and the National Bank of Canada, henceforth known as the Lender. The forbearance agreement in question is related to a secured credit contract that was established on April 27, 2022, and has been amended subsequently, with parties to the agreement including the Company, several of its subsidiaries, and the Lender. The significance of the Amendment lies in the Lender's consent to prolong the due date for a payment that was to be amortized on April 2, 2024. This extension is granted to empower the Company to maintain its strategic review process uninterrupted. The strategic review process that Pluribus is engaged in encompasses an exhaustive investigation and assessment of potential strategic options that are available to the company, with an overall intent of propelling the company's growth, development, and success in both the immediate and distant future, all for the ultimate purpose of ameliorating shareholder value.

The company has declared that it will provide subsequent updates at the appropriate juncture or when further disclosures become necessary.

Insight into Pluribus Technologies Corp.

Pluribus stands out as a visionary technology enterprise, whose specialty lies in the strategic acquisition and management of small yet robust business-to-business technology firms that span various verticals and industries. By incorporating these acquisitions, Pluribus provides them with access to its knowledgeable sales and marketing machinery, strategic alliance potential, an array of customer bases across different regions, and transformative technologies that facilitate the creation of fresh revenue pathways, thereby offering these companies a platform to achieve significant growth within their markets. Depending on the prevailing market conditions and the associated cost of capital, Pluribus strategically oscillates between the rapid assimilation of new acquisitions to bolster growth and concentrating on organic growth and operational cash flow optimization within its existing portfolio during less conducive times. For further information about the company's initiatives and operations, please visit pluribustechnologies.com.

Forward-Thinking Statements

This press release contains information that could be construed as forward-looking statements under applicable securities legislation. Any statements present that are not reflective of historical events can be considered forward-looking. These forward-looking narratives encompass, but are not limited to, predictions regarding the Lender's continued forbearance from the enforcement of their rights and remedies subsequent to the expiration of the Forbearance Agreement, along with what the stipulations or timing of such a forbearing act or transaction could be. Additionally, the statements outline the potential business plans of the Company, including but not solely limited to the closing of future acquisitions, the growth prospects and performance expectations of its portfolio companies, the Company's capability to onboard additional business-to-business technology companies, and achieving favorable outcomes through its strategic review.

Forward-looking terminology often includes "may," "should," "anticipate," "expect," "potential," "believe," "intend," or is commonly associated with the negatives of these verbs and comparable expressions.

These forward-looking statements rest on certain suppositions, such as the Company's adeptness in effectively navigating the complex landscape of managing an assortment of diversified firms and the assumption of obtaining sufficient fiscal support to drive the Company's acquisition-focused strategy. Other hypotheses include the anticipation that the trends within the industry, the availability of lucrative growth opportunities, and prevailing general business, economic, political, and regulatory climates will not adversely affect the Company's pursuit of its business.

The Company believes these presumptions to be founded on information that is currently accessible, considering them sensible given the circumstances. Despite this outlook, it's important to acknowledge these assumptions are fraught with substantial business and economic uncertainties and contingencies that could render them inaccurate.

Forward-looking information is relevant only to the extent that it pertains to the time of this release. Readers are advised to carefully consider these details as they are not exhaustive, and not to place undue reliance on forward-looking statements as there can be no guarantee that the plans, intentions, or expectations laid out will come to fruition. This information, though deemed reasonable by the Company at the preparation stage, may prove to be incorrect, and the results that materialize could diverge from those anticipated. Forward-looking statements should not be seen as infallible predictors of future performance. The prerogative of forward-looking information is to offer a depiction of management's outlook and may not suit alternative purposes.

By law, except as necessitated, the Company renounces any liability to revamp or rectify any forward-looking declarations, whether due to novel information, future events, or for any other reason. The forward-looking statements included in this press release are meticulously qualified by this caveat.

The TSXV nor its Regulation Services Provider do not endorse the adequacy or accuracy of this release, as per the policies of the TSXV.

Contact Information

For inquiries or more detailed information about the company's recent announcements and future plans, interested parties can reach out to:

Richard Adair
Chief Executive Officer
Pluribus Technologies Corp.
1 (800) 851-9383

Pluribus Technologies remains committed to steering its operations towards the augmentation of shareholder value through strategic endeavors and prudent management decisions, asserting its dedication to transparency and steady growth in the technology acquisition sector.

SOURCE Pluribus Technologies Corp.

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In conclusion, Pluribus Technologies Corp. is navigating a strategic pivot designed to enhance its growth trajectory and solidify shareholder value. The Company's adeptness in both acquisition and organic growth strategies positions it well within the technology domain. With the recent Amendment agreed with the National Bank of Canada, Pluribus is granted additional time to pursue its strategic review, which is anticipated to unlock further value and ensure long-term prosperity for its stakeholders. The forward-looking statements included in the press release, while based on current expectations, reveal the inherent uncertainties involved in such future-oriented projections. As Pluribus continues on its path of expansion and consolidation within the technology landscape, the market and its investors will be watching with keen interest.

For ongoing updates and more information on Pluribus Technologies Corp.'s operations and financial maneuvers, industry watchers, investors, and the public are encouraged to keep an eye on their communications and the insights provided by their executive team.

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