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EX-10 - MATERIAL CONTRACTS - AutoWeb, Inc. | ex10-1.htm |
8-K - PRIMARY DOCUMENT - AutoWeb, Inc. | auto8k_apr172020.htm |
Exhibit 99.1
AutoWeb Secures $1.4 Million Loan Through the CARES Act Paycheck
Protection Program
TAMPA, FL – April 17, 2020 – AutoWeb, Inc.
(Nasdaq: AUTO), a robust digital marketing platform providing
advertising solutions for automotive dealers and OEMs, has received
funding under a Paycheck Protection Program Term Note (PNC Note)
with PNC Bank (PNC). This was completed through the Paycheck
Protection Program (PPP) as part of the recently enacted
Coronavirus Aid, Relief, and Economic Security Act (CARES
Act).
Under the terms of the PNC Note,
AutoWeb has received total proceeds of approximately $1.4 million,
bearing interest at 1% per annum with a maturity date of April 16,
2022. In addition, principal and interest payments will be deferred
for the first six months of the loan. The company will use the
proceeds for payroll costs and other permitted expenses in
accordance with the requirements of the CARES Act, which provides
for forgiveness of up to the full principal amount and accrued
interest of qualifying loans guaranteed under the PPP.
“We
appreciate the federal government’s commitment in supporting
small businesses through the PPP, along with PNC for their quick
and efficient work to get us the appropriate funding during this
unprecedented time,” said Jared Rowe, CEO of AutoWeb.
“In addition to our previously announced cost reductions, we
believe this increased liquidity will allow us to continue meeting
our payroll needs and ensure that our business remains fully
operational. With these initiatives in place, we are maintaining
employment across our organization to minimize business disruption
and will continue to meet the needs of our dealer and OEM
customers.”
About AutoWeb, Inc.
AutoWeb,
Inc. provides high-quality consumer leads, clicks and associated
marketing services to automotive dealers and manufacturers
throughout the United States. The company also provides consumers
with robust and original online automotive content to help them
make informed car-buying decisions. The company pioneered the
automotive Internet in 1995 and has since helped tens of millions
of automotive consumers research vehicles; connected thousands of
dealers nationwide with motivated car buyers; and has helped every
major automaker market its brand online.
Investors
and other interested parties can receive AutoWeb news alerts by
accessing the online registration form at investor.autoweb.com/alerts.cfm.
Forward-Looking Statements Disclaimer
The
statements contained in this press release or that may be made
during the conference call described above that are not historical
facts are forward-looking statements under the federal securities
laws. Words such as “anticipates,” “could,”
“may,” “estimates,” “expects,”
“projects,” “intends,”
“pending,” “plans,” “believes,”
“will” and words of similar substance, or the negative
of those words, used in connection with any discussion of future
operations or financial performance identify forward-looking
statements. In particular, statements regarding expectations and
opportunities, new product expectations and capabilities,
projections, statements regarding future events, and our outlook
regarding our performance and growth are forward-looking
statements. These forward-looking statements, including, that, in
addition to the company’s previously announced cost
reductions, the company believes the increased liquidity resulting
from the PPP loan will allow the company to continue meeting its
payroll needs and ensure that the company’s business remains
fully operational and that the company will continue to meet the
needs of our dealer and OEM customers, are not guarantees of future
performance and involve assumptions and risks and uncertainties
that are difficult to predict. Actual outcomes and results may
differ materially from what is expressed in, or implied by, these
forward-looking statements. AutoWeb undertakes no obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events or otherwise. Among the important
factors that could cause actual results to differ materially from
those expressed in, or implied by, the forward-looking statements
are changes in general economic conditions; the financial condition
of automobile manufacturers and dealers; disruptions in automobile
production; changes in fuel prices; the economic impact of
terrorist attacks, political revolutions or military actions;
failure of our internet security measures; dealer attrition;
pressure on dealer fees; increased or unexpected competition; the
failure of new products and services to meet expectations; failure
to retain key employees or attract and integrate new employees;
actual costs and expenses exceeding charges taken by AutoWeb;
changes in laws and regulations; costs of legal matters, including,
defending lawsuits and undertaking investigations and related
matters; and other matters disclosed in AutoWeb’s filings
with the Securities and Exchange Commission. Investors are strongly
encouraged to review the company’s Annual Report on Form 10-K
for the year ended December 31, 2019 and other filings with the
Securities and Exchange Commission for a discussion of risks and
uncertainties that could affect the business, operating results or
financial condition of AutoWeb and the market price of the
company’s stock.
Company Contact
J.P.
Hannan
Chief
Financial Officer
1-949-437-4651
jp.hannan@autoweb.com
Investor Relations Contact
Sean
Mansouri, CFA or Cody Slach
Gateway
Investor Relations
1-949-574-3860
AUTO@gatewayir.com