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Technology / AI and automation

FULCRUM GETS CREDIT EXTENTION; SHARES SURGE

Financially troubled search-engine tools company Fulcrum Technologies Inc says that its principal banker, The Royal Bank of Canada, has extended the company’s $18.5m credit facility until December 31. The extention allows Fulcrum more breathing room in its search for new financing. It is currently working out its options – which could include the sale of all or part of the company – with financial advisor Midland Walwyn Inc. In response to the news, Fulcrum shares rose 38% to the equivalent of $1.54 on the Toronto Stock Exchange. The Ottawa-based company recently reported a third-quarter loss of $5.7m, against a profit of $843,000 a year ago, and axed about 25% of its staff.

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