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SQI Diagnostics Extends Maturity Date of Pivot Credit Facility

By February 28, 2023March 3rd, 2023No Comments

TORONTO, Feb. 28, 2023 /CNW/ – SQI Diagnostics Inc. (“SQI” or the “Company“) (TSXV: SQD) (OTCQB: SQIDF), a leader in the science of lung health that develops and manufactures respiratory health and precision medicine tests, announces that SQI and Pivot Financial (“Pivot“) have agreed to extend the maturity date of SQI’s $7.5 million credit facility (the “Credit Facility“) with Pivot from February  28, 2023 to April 30, 2023 (the “Pivot Amendment“). SQI paid Pivot an administrative amendment fee of $50,000 in connection with the Pivot Amendment. All other terms of the Credit Facility remain unchanged.

Credit Facility

As previously announced, the Company entered into a credit agreement with Pivot, an arm’s length third party to the Company, relating to the extension of a short-term senior secured Credit Facility dated February 11, 2022 to satisfy the cash consideration payable by SQI pursuant to the Company’s acquisition of substantially all of the assets underlying Precision Biomonitoring Inc.’s human diagnostic COVID-19 PCR testing business and its TripleLockā„¢ molecular diagnostic testing technology and for general working capital. The Insider Lenders participated in funding 50% of the principal amount advanced under the Credit Facility pursuant to the terms of participation agreements entered into between Pivot and the Insider Lenders dated February 14, 2022, as amended.

For additional details relating to the Credit Facility please see the press release of the Company dated February 24, 2022.

Repayment of Credit Facility

The Company, working with its strategic and financial advisor, Clariti Strategic Advisors Inc., is in the process of identifying potential new sources of financing that could be used to repay the Company’s outstanding indebtedness under the Credit Facility; however, there can be no assurances as to whether it will be successful in doing so nor can there be certainty with respect to the terms of any such new financing or financings. The Company will announce additional details relating to any new financing or financings in due course in the event that it is successful in negotiating and entering into definitive documentation relating to same.

About SQI Diagnostics

SQI Diagnostics are leaders in the science of lung health. We develop and manufacture respiratory health and precision medicine tests that run on SQI’s fully automated systems. Our tests simplify and improve COVID-19 mobile PCR, Point of Care antigen testing and antibody monitoring, Rapid Acute Lung Injury testing, donor organ transplant informatics, and immunological protein and antibody testing. We’re driven to create and market life-saving testing technologies that help more people in more places live longer, healthier lives. For more information, please visit

Morlan Reddock
Chief Financial Officer