SportsClick Inc. Receives Demand for Repayment of Credit Facilities

SPORTSCLICK INC., (TSX VENTURE:SCV) ("SportsClick") listed on the TSX Venture
Exchange Inc. under the trading symbol "SCV" announces that the company's
primary lender, Bank of Montreal, has made demand on the company and its
subsidiaries for repayment of its credit facilities in the aggregate present
amount of $872,000. The demand is due to short term payment defaults on behalf
of SportsClick occurring over the preceding quarter.


Management of SportsClick is working with BMO along with its other potential
funding sources in order to repay the facilities. If the company is unable to
satisfy the repayment requirement or enter into adequate forbearance
proceedings, the company may be forced to seek creditor protection or voluntary
receivership in order to resolve the demand.


Mr. Jack Ross, President of SportsClick commented "Although the company is
entering its most profitable quarters and is proceeding confidently with its
business plan, we are taking this threat to our going concern status very
seriously. The short term cash flow issues have been created by our expedited
expansion the historically slow first quarter and management is confident that
we will, through the sale of assets or alternative lending partners, be
successful in resolving the issue quickly."


Information about SportsClick Inc.

SportsClick is a leading wholesaler of licensed, authentic sports merchandise
and apparel across Canada. Its distribution network includes both independent
and leading retailers including Ultramar and Petro-Canada convenience Stores,
Husky Markets, Loblaws, London Drugs and Calgary Co-Op stores. The company is
committed to expansion through strategic acquisitions of leading businesses in
the specialty apparel and promotional merchandising sectors. Copies of
SportsClick's documents may be obtained electronically from the SEDAR system at
www.sedar.com or on the SportsClick's website www.sportsclick.ca.


Certain statements contained in this document are "forward-looking statements".
The projections, estimates and beliefs contained in such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause actual results or events to differ materially from those
anticipated in any forward-looking statements. SportsClick believes the
expectations reflected in those forward-looking statements are reasonable;
however SportsClick cannot provide any assurance that these expectations will
prove to be correct.

Sportsclick (Tier2) (TSXV:SCV)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024