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Fortress Investment Group Leads $20MM Credit Facility for iPass

June 20, 2018, 07:08 AM
Filed Under: Mobile - Modular

iPass Inc. a provider of global mobile connectivity, announced that it has finalized a senior secured credit facility of up to $20 million from affiliates of funds managed by affiliates of Fortress Investment Group LLC .

This facility is secured by all of iPass' assets, including its patent portfolio. B. Riley FBR, Inc. served as placement agent and financial advisor to iPass. "We're excited to have such a highly regarded institution as Fortress as a partner," said Gary Griffiths, iPass president and CEO. "With our balance sheet strengthened by this financing, we can shift focus back to growing our revenue and closing the gap to profitability. Moreover, using our patents as the security for this loan brings credibility to the prowess of the patents that provide the basis for iPass SmartConnect™ and Veri-FiTM product families."

Under the agreement, $10 million is immediately available to iPass and has been drawn down. Additional details of the transaction can be found in the iPass 8K filed today with the SEC. About iPass Inc. iPass (NASDAQ:IPAS) is a leading provider of global mobile connectivity, offering simple, secure, always-on Wi-Fi access on any mobile device. Built on a software-as-a-service (SaaS) platform, the iPass cloud-based service keeps its customers connected by providing unlimited Wi-Fi connectivity on unlimited devices. iPass is the world's largest Wi-Fi network, with more than 64 million hotspots around the globe, at airports, hotels, train stations, convention centers, outdoor venues, inflight, and more. Using patented technology, the iPass SmartConnect™ platform takes the guesswork out of Wi-Fi, automatically connecting customers to the best hotspot for their needs. Customers simply download the iPass SmartConnect app to experience unlimited, everywhere, and invisible Wi-Fi. iPass® is a registered trademark of iPass Inc. Wi-Fi® is a registered trademark of the Wi-Fi Alliance. All other trademarks are owned by their respective owners.

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