TORONTO, Feb. 03, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSX-V: NOW) (“NowVertical” or the “Company”), a leading data and AI solutions provider, is pleased to announce that the sellers of Affinio Inc. (the “Sellers”) led by Whitecap Venture Partners have agreed to defer payment of USD $998,000 of outstanding liabilities previously due during the first half of 2025, which will now become payable in late Q4 2025. This deferral demonstrates the ongoing confidence and support the Sellers have in NowVertical’s “One Brand, One Business” strategy.
“We appreciate the Affinio Sellers’ willingness to work with us in extending these liabilities,” said Sandeep Mendiratta, Chief Executive Officer of NowVertical. “This agreement allows us to maintain our focus on executing our organic growth initiatives as we move towards our objective to achieve a US$50 million revenue run rate and 20% best-in-class EBITDA margin.”
This development reflects the strong relationship between NowVertical and the Sellers, reaffirming the trust and alignment both parties share in the Company’s strategic vision. NowVertical appreciates this collaboration, which underscores a positive outlook for the Company’s continued success and growth.
About NowVertical Group Inc.
The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions. For further details about NowVertical, please visit www.nowvertical.com.
Neither the 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.
For further information, please contact:
Andre Garber, CDO
IR@nowvertical.com
T: +1(647)947-0223
Cautionary note regarding Forward-Looking Statements
This news release contains forward-looking information and forward-looking information within the meaning of applicable Canadian securities laws (together “forward-looking statements“). Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations and include statements regarding the ability of the Company to achieve its financial objectives. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks that the Company will be unable to pay amounts owing when due; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2023. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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