Smith Micro Announces Repayment of Outstanding Debt
ALISO VIEJO, CA, December 11, 2018 – Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today announced the Company has repaid certain short and long term debt obligations, significantly strengthening the balance sheet as the Company enters 2019. The amount of debt obligations that were repaid totaled $3.2 million.
Smith Micro announced on November 7, 2018 that it had completed a private placement transaction with certain investors, and the proceeds from this transaction were used to repay certain debt obligations while also allowing maximum flexibility to execute on other strategic initiatives.
“The recent financing was a significant final step in the turnaround of our business, allowing us the flexibility to pay down our debt obligations, strengthen our overall balance sheet, and accelerate strategic initiatives,” said William W. Smith, Jr., President and CEO of Smith Micro Software. “We will enter 2019 extremely well positioned to maximize our business case, delivering powerful solutions that will benefit both wireless carriers and consumers worldwide.”
About Smith Micro Software, Inc.
Smith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers and Cable MSOs around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today’s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. Our portfolio also includes a wide range of products for creating, sharing and monetizing rich content, such as visual messaging, and 2D/3D graphics applications. For more information, visit www.smithmicro.com.
Certain statements in this press release are forward-looking statements regarding future events or results, including statements related to our future business plans and operating and financial results and the acceleration of strategic initiatives, and statements using such words as “expect,” “anticipate,” “believe,” “plan,” “intend,” “could,” “will” and other similar expressions. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Among the important factors that could cause or contribute to such differences are our ability to continue as a going concern, our ability to raise more funds to meet our capital needs, changes in demand for our products from our customers and their end-users, customer concentration, given that the majority of our sales depend on a few large customer relationships, new and changing technologies, customer acceptance and timing of deployment of those technologies, and our ability to compete effectively with other software and technology companies. These and other factors discussed in our filings with the Securities and Exchange Commission, including our filings on Forms 10-K and 10-Q, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management, and we do not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.
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