ID Watchdog Announces $500,000 Credit Facility
DENVER, Feb. 8, 2013 /PRNewswire/ -- ID Watchdog, Inc. (TSX VENTURE: IDW) (PINKSHEETS: IDWAF) ("ID Watchdog" or the "Company"), provider of consumer-facing identity theft protection and resolution services, today is pleased to announce that its wholly owned subsidiary Identity Rehab Corporation ("ID Rehab") has closed on a $500,000 secured credit facility with Costella Kirsch, a California based lender (the "Lender").
ID Rehab borrowed $250,000 on the credit facility at closing and may, at its discretion, borrow an additional $250,000 (the "Second Draw") on or before July 31, 2013, if certain financial targets are achieved. Upon closing of the credit facility the Company will issue to the Lender 1,000,000 of its ordinary shares and an additional 1,000,000 of its ordinary shares if the Second Draw is borrowed. The credit facility matures on June 30, 2016, is secured by all of the assets of ID Rehab and the borrowings from the credit facility will be used for general corporate purposes.
Michael Greene, CEO, commented, "We are about to enter a period of exciting growth and this new facility will be an important resource in allowing us to continue to invest in developing our employee benefits and our anti-virus/tech support channels." Mr. Greene continued, "I believe this credit facility will provide us the necessary capital to fund our operating deficits and working capital needs until such time that we achieve positive free cash flow."
Financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent quarterly reports and our annual report. These documents are available online at www.sedar.com and in the "Company Overview" section of our website at www.IDWatchdog.com.
About ID Watchdog, Inc.
ID Watchdog was founded in 2005 and is headquartered in Denver, Colorado. The Company provides patent-pending, three-tiered comprehensive monitoring, detection and resolution for identity theft. ID Watchdog proactively detects identity theft problems at their source and provides immediate resolution services to ensure complete peace of mind for individuals. All the Company's services have been developed with input from industry experts; national consumer advocacy groups; federal, state, and local law enforcement agencies; consumer protection agencies; and adhere to guidelines published by the Consumer Federation of America. For more information, please visit www.IDWatchdog.com.
This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 which address future events and conditions which are subject to various risks and uncertainties. The actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. Although the Company believes that its expectations reflected in these forward-looking statements are reasonable, no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed in the company's filings with Canadian regulators at www.sedar.com. ID Watchdog assumes no obligation to update the forward-looking statements of management beliefs, opinions, projections, or other factors should they change.
Neither 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 ID Watchdog, Inc.