From the Wires
Remark Holdings Enters into Amended Financing Agreement
Amended Agreement Removes Consolidated EBITDA Covenants
Dec. 7, 2017 07:30 AM
LAS VEGAS, Dec. 7, 2017 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a global digital media and technology company, has entered into an amended financing agreement (originally dated September 24, 2015) with its lenders that modified certain financial covenants under the agreement, including:
- Replacing the covenant regarding consolidated EBITDA of Remark Holdings and its subsidiaries with a covenant regarding consolidated gross revenue of its KanKan Artificial Intelligence business;
- Modifying the covenants regarding consolidated EBITDA of Vegas.com and its subsidiaries and the value of certain of its assets; and
- Increasing the amount Remark Holdings is permitted to invest in non-U.S. subsidiaries operating its KanKan business, subject to certain conditions.
"The amended agreement is now more closely aligned with Remark's core growth strategy," said company Chairman and Chief Executive Officer, Kai-Shing Tao. "We are confident in our ability to comply with these modified covenants and also look forward to the additional opportunities and capacity we now have to further invest in the long-term growth of our KanKan Artificial Intelligence Platform."
For additional details of the amended financing agreement, please reference the Form 8-K filed with the U.S. Securities and Exchange Commission on December 5, 2017, which is available here.
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) primarily focuses on the development and deployment of artificial-intelligence-based solutions for businesses and software developers in many industries. Additionally, the company owns and operates digital media properties that deliver relevant, dynamic content. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company's website at www.remarkholdings.com.
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.
Douglas Osrow, CFO
Remark Holdings, Inc.
702-701-9514 ext. 3025
Investor Relations Contact:
Matt Glover or Tom Colton
Liolios Group, Inc.
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SOURCE Remark Holdings, Inc.