Norwood Systems (ASX:NOR) announces variation to cash drawdown facility

Norwood Systems Ltd (ASX:NOR) has announced that it has entered into a deed of variation to a loan agreement, increasing its access to a cash drawdown capital facility from $300,000 to $430,000. The loan was provided by Balmain Resources Pty Ltd, a company controlled by director Dr John Tarrant. The Board has confirmed that the transaction is assessed as being arm's length and the terms are favorable for the Company compared to prevailing market rates.

Executive Commentary

The Board is pleased to announce the deed of variation to the loan agreement, which allows Norwood Systems to increase its cash drawdown facility to $430,000. We appreciate the continued support and commitment from Dr Tarrant. This variation provides the Company with additional financial flexibility to support our ongoing business activities and strategic initiatives.

Summary

Norwood Systems (ASX:NOR) has successfully varied its cash drawdown facility from $300,000 to $430,000 through a deed of variation to the loan agreement with Balmain Resources Pty Ltd. The Board has confirmed that the terms of the variation are advantageous for the Company compared to prevailing market rates. This increased cash drawdown facility will provide Norwood Systems with enhanced financial flexibility to support its business activities and strategic initiatives. The Company remains committed to leveraging its innovative voice communication services and advanced AI technologies to revolutionize global communications and deliver cutting-edge voice services to customers worldwide.