Sonic Foundry Secures a $3 Million Line of Credit from U.S. Bank National Association

Sonic Foundry, Inc. (OTC Pink Sheets: SOFO), the trusted leader for video creation, management solutions as well as virtual and hybrid events, today announced that the company has obtained a new $3 million secured revolving credit facility with U.S. Bank National Association. 

The new agreement maintains a maximum availability of $3 million or the applicable borrowing base and bears interest at an annual rate equal to the one-month LIBOR plus 1.35% through July 28, 2022. 

“We are very pleased to announce the closing of our new revolving credit facility with U.S. Bank,” said Joe Mozden Jr., CEO, Sonic Foundry. “This new line of credit supports our vision and prospects for creating substantial growth by investing in new markets and enhancing our cloud and event offerings. Most importantly, it represents an important validation of our strategy. We are excited to work with them in the continued growth of Sonic Foundry.” 

About Sonic Foundry®, Inc.

Sonic Foundry (OTC: SOFO) is the global leader for video capture, management and streaming solutions as well as virtual and hybrid events. Trusted by more than 5,200 educational institutions, corporations, health organizations and government entities in over 65 countries, its Mediasite Video Platform quickly and cost-effectively automates the capture, management, delivery and search of live and on-demand streaming videos. Learn more at www.mediasite.com and @mediasite.

© 2021 Sonic Foundry, Inc. Product and service names mentioned herein are the trademarks of Sonic Foundry, Inc. or their respective owners.

Contact Data

Jaimee Pitt
Sonic Foundry
6082167592
jaimee.pitt@sonicfoundry.com