Blackpearl Group Secures Growth Funding

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BLACKPEARL GROUP | Market Announcement

19 August 2024
Blackpearl Group Secures Growth Funding
Black Pearl Group Limited (NZX:BPG) is pleased to announce that it has today entered into a
NZ$5 million revolving loan facility with Bank of New Zealand.
Please see the below letter to shareholders for more information.
Letter to Shareholders
Dear Shareholders,
At our Annual Shareholders’ Meeting I said that BPG had earned itself options.
Now, weeks away from reaching NZ$10 million in annual recurring revenue (ARR), we could fund
our growth from monthly net cash. However, our aspiration is to achieve true scale, one befitting
our market opportunity – after all, there are 33 million SME businesses in the USA.
As such, we are investing in increasing our velocity beyond what an operating net cash
investment could yield, with the ambition of growing to $20 million ARR in the next 1 –2 years.
To support this, the Board has today entered into a Growth Facility with Bank of New Zealand
(BNZ), becoming one of BNZ’s select Project Scale Up clients. Having access to a non-dilutive debt
facility with a major trading bank reflects the great success we have had as a company to date
and our proven growth velocity.
The loan facility is for a two-year term and the purpose of the loan facility is for growth. BPG is
subject to a key financial covenant under the facility to maintain a minimum growth rate of 20%
per annum in its ARR.
We appreciate this is not the traditional growth funding approach for a technology business at
our life stage. Typically, we would issue new stock. While this is clearly an option for BPG, we do
not believe that our share price is an accurate representation of the company’s value and we are
not going to dilute our shareholders by issuing stock at a bargain. If you want stock at the current
share price, buy on the market.

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BLACKPEARL GROUP | Market Announcement
This facility means BPG controls the timing and terms of future growth funding.
Kind regards,
Nick Lissette
CEO
Contact
Released for and on behalf of the Blackpearl Group Board.
For further information please contact:
Nick Lissette
CEO
hello@blackpearlgroup.com | +64 4 803 9390
About Blackpearl Group
Blackpearl Group (BPG) is a market-leading data technology company pioneering AI-driven sales
and marketing solutions for the US market. Specifically engineered for small-medium sized
businesses (SMEs), BPG consistently delivers exceptional value to its customers. Our mantra is
simple: ‘Better Growth Together’. When our customers win, we win.
Founded in 2012, BPG is based in Wellington, New Zealand, and Phoenix, Arizona.
Blackpearl.com