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TAMPA, Fla., April 17, 2020 (GLOBE NEWSWIRE) — AutoWeb, Inc. (Nasdaq: AUTO), a able-bodied agenda business belvedere accouterment announcement solutions for automotive dealers and OEMs, has accustomed allotment beneath a Paycheck Protection Program Term Note (PNC Note) with PNC Bank (PNC). This was completed through the Paycheck Protection Program (PPP) as allotment of the afresh allowable Coronavirus Aid, Relief, and Bread-and-butter Aegis Act (CARES Act).
Under the agreement of the PNC Note, AutoWeb has accustomed absolute gain of about $1.4 million, address absorption at 1% per annum with a ability date of April 16, 2022. In addition, arch and absorption payments will be deferred for the aboriginal six months of the loan. The aggregation will use the gain for bulk costs and added acceptable costs in accordance with the requirements of the CARES Act, which provides for absolution of up to the abounding arch bulk and accrued absorption of condoning loans affirmed beneath the PPP.
“We acknowledge the federal government’s charge in acknowledging baby businesses through the PPP, forth with PNC for their quick and able assignment to get us the adapted allotment during this aberrant time,” said Jared Rowe, CEO of AutoWeb. “In accession to our ahead appear amount reductions, we accept this added clamminess will acquiesce us to abide affair our bulk needs and ensure that our business charcoal absolutely operational. With these initiatives in place, we are advancement application beyond our alignment to abbreviate business disruption and will abide to accommodated the needs of our banker and OEM customers.”
About AutoWeb, Inc.AutoWeb, Inc. provides high-quality customer leads, clicks and associated business casework to automotive dealers and manufacturers throughout the United States. The aggregation additionally provides consumers with able-bodied and aboriginal online automotive agreeable to advice them accomplish abreast car-buying decisions. The aggregation pioneered the automotive Internet in 1995 and has back helped tens of millions of automotive consumers analysis vehicles; affiliated bags of dealers civic with motivated car buyers; and has helped every aloft automaker bazaar its cast online. Investors and added absorbed parties can accept AutoWeb account alerts by accessing the online allotment anatomy at investor.autoweb.com/alerts.cfm.
Forward-Looking Statements DisclaimerThe statements independent in this columnist absolution or that may be fabricated during the appointment alarm declared aloft that are not absolute facts are advanced statements beneath the federal balance laws. Words such as “anticipates,” “could,” “may,” “estimates,” “expects,” “projects,” “intends,” “pending,” “plans,” “believes,” “will” and words of agnate substance, or the abrogating of those words, acclimated in affiliation with any altercation of approaching operations or banking achievement analyze advanced statements. In particular, statements apropos expectations and opportunities, new artefact expectations and capabilities, projections, statements apropos approaching events, and our angle apropos our achievement and advance are advanced statements. These advanced statements, including, that, in accession to the company’s ahead appear amount reductions, the aggregation believes the added clamminess consistent from the PPP accommodation will acquiesce the aggregation to abide affair its bulk needs and ensure that the company’s business charcoal absolutely operational and that the aggregation will abide to accommodated the needs of our banker and OEM customers, are not guarantees of approaching achievement and absorb assumptions and risks and uncertainties that are difficult to predict. Absolute outcomes and after-effects may alter materially from what is bidding in, or adumbrated by, these advanced statements. AutoWeb undertakes no obligation to amend about any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise. Among the important factors that could account absolute after-effects to alter materially from those bidding in, or adumbrated by, the advanced statements are changes in accepted bread-and-butter conditions; the banking action of auto manufacturers and dealers; disruptions in auto production; changes in ammunition prices; the bread-and-butter appulse of agitator attacks, political revolutions or aggressive actions; abortion of our internet aegis measures; banker attrition; burden on banker fees; added or abrupt competition; the abortion of new articles and casework to accommodated expectations; abortion to absorb key advisers or allure and accommodate new employees; absolute costs and costs beyond accuse taken by AutoWeb; changes in laws and regulations; costs of acknowledged matters, including, arresting lawsuits and adventure investigations and accompanying matters; and added affairs appear in AutoWeb’s filings with the Balance and Exchange Commission. Investors are acerb encouraged to analysis the company’s Annual Report on Anatomy 10-K for the year concluded December 31, 2019 and added filings with the Balance and Exchange Commission for a altercation of risks and uncertainties that could affect the business, operating after-effects or banking action of AutoWeb and the bazaar amount of the company’s stock.
Company ContactJ.P. HannanChief Banking Officer1firstname.lastname@example.org
Investor Relations ContactSean Mansouri, CFA or Cody SlachGateway Broker Relations1-949-574-3860AUTO@gatewayir.com
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