Friday, June 10 2022

Abbotsford, BC – TheNewswire – June 62022 – Gatekeeper Systems Inc. (“Gatekeeper” or the “Company”) (TSXV: GSI) (OTC: GKPRF) (FSE: 1GK) a leading provider of smart video solutions for public transport and smart cities, is pleased to announce that the company has entered into credit facilities for additional working capital to facilitate recently announced major contracts and the continuation of growth.

The Company has entered into a revolving credit facility (“Credit Facility”) with the Toronto-Dominion Bank under which the Company may draw up to C$6 million for working capital provisions. Interest on the credit facility is based on either the Canadian bank prime rate plus 0.85% or the US bank base rate plus 0.75%. The credit facility is subject to set-up fees and export guarantee program fees payable quarterly to Export Development Canada.

The Company has also entered into a letter of credit facility (“Letter of Credit Facility”) with the Toronto-Dominion Bank pursuant to which the Toronto-Dominion Bank will issue letters of credit, including vendor payment guarantees, up to C$2 million to certain of the Company’s suppliers. The letter of credit facility fee is 0.65% of the amounts issued under the letter of credit facility.

For the six-month fiscal period ending February 28, 2022, the Company reported half-year revenue of $5.8 million and working capital of $8.8 million. Since February 28, 2022, the Company has announced more than $7 million in new contracts in addition to the Company’s regular activities. The company also recently announced a perpetual contract framework for sales to National Express LLC, which operates more than 20,000 school buses.

Doug Dyment, President and CEO, said, “We are delighted that TD Bank, after conducting careful due diligence and reviewing our growth prospects, has provided Gatekeeper with $8 million in aggregate working capital facilities. dollars on very favorable terms. This working capital financing is the cornerstone of our foundation for growth and we are solidly executing our growth program.

The credit facility and the letter of credit facility are secured by a general security agreement (GSA) for Gatekeeper Systems Inc., representing a first charge on present and future personal assets of the company, and a code security agreement Uniform Commercial (“UCC”). for Gatekeeper Systems USA Inc., among other customary warranties, and is reimbursable on demand.

About Gatekeeper Systems Inc.

Gatekeeper is a leading provider of intelligent video and data solutions designed to provide a safer transportation environment for children, passengers, and public safety personnel across multiple modes of transportation. The company uses AI, video analytics, thermal cameras, and mobile data collectors to interconnect transit assets as part of intelligent transportation systems in a Smart City ecosystem. The company’s platform-as-a-service (PaaS) business model is an enabling transformation into a provider of video and data solutions for smart transit and smart cities.

Contact information:

Douglas Dyment

President and CEO

[email protected]

(604) 864-6187

Caution Regarding Forward-Looking Statements: Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, that give rise to the possibility that actual results or events could differ materially from our expectations expressed or implied by such forward-looking statements. Accordingly, we cannot guarantee the achievement of any forward-looking statement, and readers are cautioned not to place undue reliance on such forward-looking statements. For more complete information on these risks and uncertainties, the reader is invited to refer to the risk factors described in the management report for the quarter ended February 28, 2022. The forward-looking statements contained in this press release represent our expectations as of date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements. Forward-looking statements are presented for the purpose of providing information about management’s current expectations and plans and to enable investors and others to obtain a better understanding of our expected operating environment. Readers are cautioned that this information may not be suitable for other purposes. The Company undertakes no obligation to update or revise these statements to reflect new circumstances or unforeseen events as they occur, except as required by applicable law.

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.


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