Assure Strengthens Balance Sheet and Finances Expansion Efforts with Closing of $6.5 Million Loan Facility

New Agreement Includes $4.0 Million Term Loan and $2.5 Million Line of Credit

DENVER, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the “Company” or “Assure”) (TSXV: IOM; OTCQB: ARHH), a provider of intraoperative neuromonitoring services, announced it has signed a new $4.0 million term loan (the “Term Loan”) and a $2.5 million operating line of credit (the “Operating Line” and together with the Term Loan, the “Loan Facility”), for a total of $6.5 million with Colorado based, Central Bank & Trust, a part of Farmers & Stockmens Bank. The Loan Facility will be used to replace the Company’s current $3.0 million facility with Bank of Oklahoma.

“Closing on this attractive new credit facility is a milestone for Assure and a testament to the substantial progress we have made expanding our platform and improving our cash collections. The agreement provides the Company with additional financial flexibility at far lower borrowing costs than alternate options typically available to emerging growth companies,” said John A. Farlinger, Assure’s executive chairman and CEO. “We are pleased to strengthen our balance sheet given the uncertainties associated with the global pandemic and also to access the capital necessary to support our business as we accelerate our next phase of growth.”

Under the conditions of the agreement governing the Loan Facility (the “Loan Agreement”), the Term Loan bears interest at the Wall Street Journal prime rate (“WSJ”) plus 2.0% and matures on August 12, 2024. Commencing on September 1, 2020, interest on the Term Loan is payable on the first calendar day of each month until May 1, 2021. Commencing on August 1, 2021, principal payments in the amount of US$307,695, together with interest, shall be made quarterly until maturity. In addition, the Operating Line bears interest at a rate of WSJ plus 2.0% and matures on August 12, 2022. Commencing on September 1, 2020, the Operating Line is repayable, together with interest, on the first calendar day of each month until maturity. The use of proceeds from both facilities will be utilized to repay certain outstanding indebtedness, for working capital and general corporate purposes and funding the Company’s expansion plans. Assure did not issue any shares, warrants, or options in connection with this transaction.

The Loan Facility is secured by a first-ranking security interest in all of the present and future undertakings, property and assets of the Company and its subsidiaries. Scott Page, an independent director of Assure and the Chief Executive Officer of Central Bank & Trust, recused himself from any discussions and voting related to the approval of the Loan Facility by Assure. A copy of the Loan Agreement will be filed under the Company’s issuer profile on SEDAR at www.sedar.com.

About Assure Holdings
Assure Holdings Corp. is a Colorado-based company that works with neurosurgeons and orthopedic spine surgeons to provide a turnkey suite of services that support intraoperative neuromonitoring activities during invasive surgeries. Assure employs its own staff of technologists and uses its own state-of-the-art monitoring equipment, handles 100% of intraoperative neuromonitoring scheduling and setup, and bills for all technical services provided. Assure Neuromonitoring is recognized as providing the highest level of patient care in the industry and has earned The Joint Commission’s Gold Seal of Approval®. For more information, visit the company’s website at www.assureneuromonitoring.com.

Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of applicable securities laws, including, but not limited to: the Company’s financing plans; the Loan Facility providing the Company with additional financial flexibility; the proposed use of proceeds in connection with the Loan Facility; the reduction of borrowing costs; and the Company’s acceleration of its next phase of growth. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to: the uncertainty surrounding the spread of COVID-19 and the impact it will have on the Company’s operations and economic activity in general; that the Company’s actions taken during the COVID-19 health crisis will be effective; the Company’s ability to services its obligations under the Loan Facility; the Company’s ability to accelerate growth; and the risks and uncertainties discussed in our most recent annual and quarterly reports filed with the Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com, which risks and uncertainties are incorporated herein by reference. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, Assure does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact
Scott Kozak, Investor and Media Relations
Assure Holdings Corp.
1-720-287-3093
Scott.Kozak@assureiom.com

Released August 13, 2020