Access to non-dilutive capital bolsters balance sheet while validating strength of iPass’ intellectual property portfolio
REDWOOD SHORES, Calif., June 19, 2018 (GLOBE NEWSWIRE) -- iPass Inc. (NASDAQ:IPAS), a leading provider of global mobile connectivity, today announced that it has finalized a senior secured credit facility of up to $20 million from affiliates of funds managed by affiliates of Fortress Investment Group LLC . This facility is secured by all of iPass’ assets, including its patent portfolio. B. Riley FBR, Inc. served as placement agent and financial advisor to iPass.
“We’re excited to have such a highly regarded institution as Fortress as a partner,” said Gary Griffiths, iPass president and CEO. “With our balance sheet strengthened by this financing, we can shift focus back to growing our revenue and closing the gap to profitability. Moreover, using our patents as the security for this loan brings credibility to the prowess of the patents that provide the basis for iPass SmartConnect™ and Veri-FiTM product families.”
Under the agreement, $10 million is immediately available to iPass and has been drawn down. Additional details of the transaction can be found in the iPass 8K filed today with the SEC.
About iPass Inc.
iPass (NASDAQ: IPAS) is a leading provider of global mobile connectivity, offering simple, secure, always-on Wi-Fi access on any mobile device. Built on a software-as-a-service (SaaS) platform, the iPass cloud-based service keeps its customers connected by providing unlimited Wi-Fi connectivity on unlimited devices. iPass is the world’s largest Wi-Fi network, with more than 64 million hotspots around the globe, at airports, hotels, train stations, convention centers, outdoor venues, inflight, and more. Using patented technology, the iPass SmartConnect™ platform takes the guesswork out of Wi-Fi, automatically connecting customers to the best hotspot for their needs. Customers simply download the iPass SmartConnect app to experience unlimited, everywhere, and invisible Wi-Fi.
iPass® is a registered trademark of iPass Inc. Wi-Fi® is a registered trademark of the Wi-Fi Alliance. All other trademarks are owned by their respective owners.
Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $40.9 billion of assets under management as March 31, 2018. Founded in 1998, Fortress manages assets on behalf of over 1,750 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
About B. Riley FBR, Inc.
B. Riley FBR, Inc. is a leading investment bank which provides corporate finance, research and sales and trading to corporate, institutional and high net worth individual clients. Investment banking services include initial, secondary and follow-on offerings, institutional private placements and merger and acquisitions advisory services. The firm is nationally recognized for its highly ranked proprietary equity research.
B. Riley Financial, Inc. (NASDAQ:RILY), through its subsidiaries, provides collaborative financial services and solutions to the capital raising and financial advisory needs of public and private companies and high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, Inc., Wunderlich Securities, Inc., Great American Group, LLC, B. Riley Capital Management, LLC (which includes B. Riley Asset Management, B. Riley Wealth Management, and Great American Capital Partners, LLC) and B. Riley Principal Investments, a group that makes proprietary investments in other businesses, such as the acquisition of United Online, Inc.
+44 (0) 20 7436 0420
Gordon E. Runté
Fortress Investment Group
For B. Riley & Co:
Source: iPass Inc.