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boardwalktech nets 4m growth fueling loc from celtic bank 27


Boardwalktech Nets $4M Growth-Fueling LOC from Celtic Bank


Leo Gonzalez

April 1, 2024 - 11:05 am


Boardwalktech Secures $4 Million Line-of-Credit with Celtic Bank to Bolster Expansion Efforts

CUPERTINO, Calif., April 1, 2024 /PRNewswire/ - It's a significant stride forward for Boardwalktech Software Corp (TSXV: BWLK) (OTCQB: BWLKF), a digital ledger platform leader and enterprise software solution provider. They have triumphantly obtained a substantial financial boost by securing a three-year $US4.0 million Line-of-Credit (LOC) facility from Celtic Bank as of March 28, 2024. Aimed explicitly at nurturing the company's growth and expanding its recurring revenue streams, this strategic financial support is poised to accelerate Boardwalktech’s market presence.

The Line-of-Credit comes with several advantageous terms tailored to sustain the company's scaling efforts:

  • A total facility amount of $US4.0 million, capped at 60% of the trailing 12-month annual recurring revenue (ARR).
  • An initial three-year term with an interest-only payment structure, with the option for both parties to extend the LOC.
  • An initial interest rate of 12.5%, which is determined by adding 4% to the Prime Rate, as listed in the Wall Street Journal.
  • Crucially, the financial arrangement is non-dilutive, devoid of any warrants, conversions, or Loan Bonuses.

CEO Andrew T. Duncan expressed confidence in their decision to embrace Celtic Bank’s offer, highlighting the adaptable and non-reliant nature of this LOC facility on the often unpredictable market conditions or equity sources, "After evaluating various proposals in a tough financing landscape, we are exceedingly satisfied with our partnership with Celtic Bank. This LOC grants us the capacity and flexibility to manage working capital and foster growth. Our trajectory towards reaching a cash-based breakeven point is ongoing, and securing this credit facility ensures our potential for growth remains robust."

Boardwalktech envisions utilizing the proceeds from the LOC to drive sales and enhance marketing, support their working capital requirements, and to fortify their balance sheet. This bolstered financial standing is key in attracting new business, “The customer demand for our leading products such as Unity Central, Velocity, and Digital Ledger necessitates accessible Sales and Marketing resources to tap into those recurring revenue opportunities. Meanwhile, having adequate cash reserves simplifies due diligence processes during these business engagements. We are poised for announcements that will showcase our advancements," Duncan elaborated on the plan in place.

About Celtic Bank

Deep-rooted in the financial services landscape since 2001 and headquartered in Salt Lake City, Utah, Celtic Bank has built its reputation as a comprehensive industrial bank. Initially, its core operation focused on small business lending through the SBA loan program, where it has consistently ranked as a top 10 SBA lender nationally measured by dollar volume. Beyond its early specialization, Celtic Bank has diversified its financial offerings through various fintech partnerships, thereby expanding its asset management across sectors like renewable energy, equipment finance, asset-based lending, software and technology, as well as franchising. This diverse portfolio has poised the bank to support an extensive variety of commercial clients across various industries and developmental stages. As an Equal Housing Lender and Member FDIC, Celtic Bank demonstrates a commitment to meet the needs of its clientele comprehensively. Those interested in learning more about Celtic Bank and its recurring revenue financing solutions can reach out to Daniel Godfrey at [email protected], or visit their website for further details at

About Boardwalktech Software Corp.

Boardwalktech stands out with its proprietary Digital Ledger Technology Platform, a system currently employed by numerous Fortune 500 giants for critical operational tasks across the globe. By enabling collaborative, enterprise-scale information management applications on various devices and user interfaces with seamless integration into longstanding enterprise systems, Boardwalktech's platform remarkably shortens the development time in comparison to its industry counterparts. Moreover, the company's digital ledger technology is first of its kind, facilitating multiple stakeholders to engage with the same data concurrently while maintaining the data's integrity and lineage. With its central office located in Cupertino, California, and ensuing offices in India along with operations dispersed throughout North America, the company presents a comprehensive range of expertise. For more insights into Boardwalktech and its services, please visit

Forward-Looking Information and Statements

This announcement comprises "forward-looking information" within the scope of applicable Canadian securities legislation and may also encompass "forward-looking statements" under the safe harbor stipulations of the U.S. Private Securities Litigation Reform Act of 1995. It's important to recognize that such forward-looking statements do not reflect historical realities or current situations but are based purely on the company's predictions about future events, objectives, and potentials, many of which are unpredictable and generally beyond the company's influence.

These forward-looking assertions, identified by terminology such as "plans", "expects", "scheduled", "anticipates", and other similar phrasings, suggest potential future actions, continuations, occurrences, or accomplishments and are subject to a spectrum of risks and uncertainties that could sway actual outcomes or achievements to differ materially from those projected within the information and statements.

Moreover, investing in the securities of the company incurs several risks, not least those detailed under the "Risk Factors" section in the company's filing statement dated May 30, 2018. While the company has strived to identify critical elements that could cause actual results to differ from those described in the forward-looking statements, other unpredicted factors may influence outcomes in unanticipated ways.

The company has formed certain presumptions relating to the forward-looking information and statements. Although these presumptions and the resultant expectations may appear reasonable at this juncture, it's advised that they are not overly relied upon as they could prove to be erroneous. Further, no declaration or warranty, whether expressed or implied, is provided regarding the accuracy of such forward-looking information and statements, driven by the possibility of differing actual results and future events than those conveyed or implied herein. The company resolves to update any forward-looking information and statements referenced herein in alignment with applicable security laws. However, no obligation is undertaken to revise or publicly announce the outcomes of any revisions to these forward-looking statements, barring as required by securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider bear any responsibility in verifying the accuracy or adequacy of this press release.

SOURCE BoardwalkTech

(Please note: This release is provided for informational purposes only and should not be considered as an offer to sell, or the solicitation of an offer to buy, any securities.)