Interim DIP Financing Approved for SITO Mobile Solutions, Inc.
November 15, 2020 at 11:00 pm EST
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The US Bankruptcy Court gave an order to SITO Mobile Solutions, Inc. to obtain DIP financing on an interim basis on November 16, 2020. As per the order, the debtor has been authorized to obtain a DIP loan facility in the amount of $0.30 million from Gavin Scotti, Steven Baksa, and Hiroaki Aoyama. The DIP loan would carry an interest rate of 6% p.a. The DIP facility would mature either one year from the date hereof, i.e. November 9, 2021 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier.
SITO Mobile, Ltd. develops customized, data-driven solutions for brands spanning strategic insights and media. The Company's platform reveals an understanding of customer interests, actions and experiences providing clarity for clients when it comes to navigating business decisions. Using in-store targeting, proximity targeting, geo-conquesting and attribution data, the platform creates audience profiles to develop measurable targeted campaigns for brands. Its real-time, location-based technology gives clients the advantage of understanding the future of retail and consumer behavior. Its solutions include research, which provides data-driven problem solving; execution, which provides personalized, location-based advertising; measurement, which offers closed-loop attribution solutions; and insights, which provides decision-making solutions for businesses.
SITO MOBILE, LTD. 
