Perion
Network Ltd. (NASDAQ:PERI),a global technology company that delivers
synchronized digital marketing solutions for advertisers and publishers
through the world’s largest channels – digital advertising, social
media, and search, announced today it provided a Notice of Redemption to
the Noteholders of its 5% Series L Convertible Bonds due 2020 that were
issued on September 23, 2014.
Mr. Gerstel commented, “Our ability to generate strong levels of
Adjusted EBITDA combined with improved free cash flow, and strong cash
balance as of the end of the first quarter, enabled the early repayment
of the bonds. Strengthening our financial position has been a priority
of our turnaround strategy; we believe this decision further bolsters
our balance sheet.”
The redemption date will be June 6, 2019. Pursuant to the terms of the
bond, the redemption amount will be the sum of approximately ILS 28.7
million ($8 million) in principal, a prepayment charge of approximately
ILS 0.98 million ($0.3 million) and accrued interest of approximately
ILS 0.3 million ($0.07 million), amounting to an aggregate redemption
amount of approximately ILS 29.9 million ($8.4 million). Following the
redemption, the bond will be delisted from the Tel Aviv Stock Exchange.
About Perion Network Ltd.:
Perion is a global technology company that delivers advertising
solutions to brands and publishers. Perion is committed to providing
data-driven execution, from high-impact ad formats to branded search and
a unified social and mobile programmatic platform. More information
about Perion may be found at www.perion.com.
Follow Perion on Twitter @perionnetwork.
Forward Looking Statements:
This press release contains historical information and forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995 with respect to the business, financial condition and
results of operations of Perion. The words “will”, “believe,” “expect,”
“intend,” “plan,” “should” and similar expressions are intended to
identify forward-looking statements. Such statements reflect the current
views, assumptions and expectations of Perion with respect to future
events and are subject to risks and uncertainties. Many factors could
cause the actual results, performance or achievements of Perion to be
materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
statements, or financial information, including, among others, the
failure to realize the anticipated benefits of companies and businesses
we acquired and may acquire in the future, risks entailed in integrating
the companies and businesses we acquire, including employee retention
and customer acceptance; the risk that such transactions will divert
management and other resources from the ongoing operations of the
business or otherwise disrupt the conduct of those businesses, potential
litigation associated with such transactions, and general risks
associated with the business of Perion including intense and frequent
changes in the markets in which the businesses operate and in general
economic and business conditions, loss of key customers, unpredictable
sales cycles, competitive pressures, market acceptance of new products,
inability to meet efficiency and cost reduction objectives, changes in
business strategy and various other factors, whether referenced or not
referenced in this press release. Various other risks and uncertainties
may affect Perion and its results of operations, as described in reports
filed by the Company with the Securities and Exchange Commission from
time to time, including its annual report on Form 20-F for the year
ended December 31, 2018 filed with the SEC on March 19, 2019. Perion
does not assume any obligation to update these forward-looking
statements.
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