Ensures the Streaming Tech and
Entertainment Company Will Continue to Be Well-Positioned
Financially
LOS
ANGELES, Feb. 12, 2024 /PRNewswire/ -- Cineverse
Corp. (NASDAQ: CNVS), a global streaming technology and
entertainment company with one of the world's largest portfolios of
streaming channels and content libraries, today announced that it
has expanded its line of credit from East
West Bank to $7.5 million.
"We are pleased to have closed this expanded credit facility,
further strengthening our balance sheet without any equity
dilution. It provides access to additional working capital to
support our key business initiatives as we approach sustainable
profitability," said Chris McGurk,
Cineverse Chairman and CEO. "East West
Bank's EVP Bennett Pozil and his team have been excellent
long-term business partners in helping support and grow our
business over the past six years."
ABOUT CINEVERSE
Cineverse's advanced, proprietary technology drives the
distribution of over 70,000 premium films, series, and podcasts to
more than 150 million unique viewers monthly. From providing a
complete streaming solution to some of the world's most
recognizable brands, to super-serving their own network of fan
channels, Cineverse (NASDAQ: CNVS) is powering the future of
entertainment. For more information, please visit
cineverse.com.
CONTACTS:
For Media
The Lippin Group, cineverse@lippingroup.com
For Investors
Julie Milstead,
investorrelations@cineverse.com
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SOURCE Cineverse Corp.