Ivrnet Inc. Provides Update on Term Loan and Credit Facility

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, AB / ACCESSWIRE / September 15, 2023 / IVRNET INC. ("IVRNET" or the "Company") (TSXV:IVI) provides the following update on the Company's term loan and credit facility (the "Loan") with R.C. Morris & Company Special Opportunities Fund III Limited Partnership ("RCM"), originally entered into on August 3, 2016 and for which the most recent amendment was announced on June 16, 2023.

As at the date of this news release:

• the principal balance of the Loan is $3,283,692;
• the expiry date of the Loan is the earlier of October 31, 2023, and on demand by RCM;
• IVRNET is not in compliance with all of the financial covenant requirements of the Loan; and
• no demand for repayment has been made by RCM.

About Ivrnet

Ivrnet is a software and communications company that develops, hosts, sells and supports value‐added business automation software. The company's products and services are delivered through the Internet and traditional phone network. These applications facilitate automated interaction through personalized communication between people, mass communication for disseminating information to thousands of people concurrently, and personalized communication between people and automated systems.

For further information on Ivrnet, please contact:

Andrew Watts, President and CEO
PO Box 47078 Creekside, Calgary, Alberta, T3P 0B9
Tel/fax: 1.800.351.7227
E-mail: investors@ivrnet.com
Website: www.ivrnet.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.

SOURCE: Ivrnet Inc.