DATA Communications Management Corp. Announces Amendments to its Senior Credit Facilities and Support of Standby Purchasers Pursuant to its Rights Offering which Expires on December 27, 2019

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Brampton, Ontario – December 20, 2019 – DATA Communications Management Corp. (TSX: DCM) (“DCM” or the “Company”), a leading provider of marketing and business communication solutions to companies across North America, announced it has entered into amended credit agreements (the “Credit Agreement Amendments”) with its senior lenders, including amendments to its financial covenants.

DCM also announced that the stand-by purchasers (the “Stand-by Purchasers”) under the current rights offering (the “Rights Offering”) commenced by the Company on November 26, 2019 have approved the Credit Agreement Amendments for purposes of their stand-by commitment (the “Stand-by Commitment”), thereby satisfying a condition of the Stand-by Purchasers’ obligations under the Stand-by Commitment. Pursuant to the Stand-by Commitment, the Stand-by Purchasers have agreed to acquire common shares of the Company (“Common Shares”) not acquired by holders of rights (“Rights”) under the Rights Offering up to a maximum of $4.6 million. The Stand-by Purchasers have also confirmed that, as of December 19, 2019, no Material Adverse Effect had occurred for purposes of their commitment.

Under the terms of the Rights Offering, each eligible securityholder is entitled to subscribe for one Common Share for every one Right held, upon payment of the subscription price of $0.23 per Common Share. Securityholders who exercise their basic subscription privilege in full are also entitled to subscribe for additional shares under the additional subscription privilege. The Rights Offering expires at 5:00 p.m. (Toronto time) on December 27, 2019. Further details regarding the terms of the Rights Offering, including the Stand-by Commitment, are set forth in the Company’s rights offering circular dated November 26, 2019 (the “Rights Offering Circular”), a copy of which is available on SEDAR at www.sedar.com.

Details of the Credit Agreement Amendments

DCM maintains a revolving credit facility (the “Bank Credit Facility”) with a Canadian chartered bank (the “Bank”) pursuant to an amended and restated credit agreement (the “Bank Credit Agreement”) between DCM and the Bank. DCM also maintains amortizing term loan facilities pursuant to loan agreements (collectively, the “FPD Loan Agreements”) with Fiera Private Debt Fund III LP (“FPD III”), Fiera Private Debt Fund IV LP (“FPD IV”) and Fiera Private Debt Fund V LP (“FPD V”). Each of FPD III, FPD IV and FPD V is a fund managed by Fiera Private Debt Fund GP Inc. DCM also maintains a $19.0 million non- revolving term loan facility with Crown Capital Partner Funding, a fund managed by Crown Capital LP Partner Funding Inc. (“Crown”), pursuant to a credit agreement (the “Crown Credit Agreement“) between DCM and Crown. Capitalized items not otherwise defined herein are referenced in the respective credit agreements with DCM’s senior lenders.

Each of the Bank Credit Agreement, the FPD Loan Agreements and the Crown Credit Agreement contain certain financial and other restrictive covenants with which the Company must comply. As previously announced, the Company has been negotiating certain amendments to the terms of those credit agreements and covenants and has now completed those negotiations and entered into formal agreements with its senior lenders which give effect to those amendments.

On December 19, 2019, DCM entered into a fifth amendment to its Bank Credit Facility (the “Bank Fifth Amendment”). This amendment increased the maximum principal amount of the Bank Credit Facility to a maximum of $50.0 million, subject to successful completion of the Rights Offering and receipt of net proceeds from the Rights Offering of at least $3.0 million, after giving effect to any repayment of the Promissory Notes (as defined in the Rights Offering Circular). The maximum principal amount available under the Bank Credit Facility will decrease by $1.5 million each month commencing April 2020 until it has been reduced to $35.0 million in January 2021. The Bank Fifth Amendment suspended the requirement for DCM to comply with its Fixed Charge Coverage Ratio (the “FCCR”) until July 31, 2020. DCM will be required to maintain an FCCR of not less than 1.0 to 1.0 for the twelve month period ended July 31, 2020, an FCCR of not less than 1.05 to 1.0 for the twelve month period ended August 31, 2020 and an FCCR of not less than 1.1 to 1.0 for each twelve month period ending thereafter, commencing with the month ending September 30, 2020. The Bank Fifth Amendment introduced a new covenant requiring DCM to collect an agreed minimum percentage of its outstanding accounts receivable each month and a covenant requiring DCM to attain revenue in a minimum amount equal to not less than 90% of its forecasted revenue on a quarterly and on a cumulative basis commencing with the fourth quarter of 2019 and ending with the quarter ending June 30, 2020. The Bank Fifth Amendment also increased the interest rate payable by DCM on its prime rate loans by 100 basis points per annum, at least until such time as DCM demonstrates its achievement of at least an FCCR of greater than 1.1 to 1.0.

On December 19, 2019 DCM entered into a waiver and amendment agreement (the “FPD Amendment”) with respect to the FPD Credit Agreements. The FPD Amendment suspends DCM’s obligation to comply with its Total Funded Debt to EBITDA covenant for the quarter ending December 31, 2019 and establishes a new Total Funded Debt to EBITDA Ratio covenant of no more than 4.5 to 1.0 that will apply for the first and second quarters of 2020, after which the original covenant of no greater than 3.0 to 1.0 will apply. In addition, during this period EBITDA for the purposes of such covenant will be calculated on an annualized basis starting with actual EBITDA achieved for the quarter ending December 31, 2019. The FPD Amendment also revised DCM’s Debt Service Coverage Ratio (“DSCR”) covenant, such that DCM’s minimum DSCR will be 0.75 to 1.0 for the quarters ending December 31, 2019 and March 31, 2020 and

1.00 to 1.0 for the quarter ending June 30, 2020. Thereafter, the original DSCR covenant of at least 1.50 to 1.0 will apply. The FPD Amendment also confirms that the monthly principal amortization of the loans under the FPD Credit Agreements will recommence at the originally scheduled rate in January 2020. The FPD Amendment also increased DCM’s maximum Total Funded Debt to $93.0 million.

On December 19, 2019 DCM entered into a fourth amending agreement (the “Crown Fourth Amendment”) in connection with the Crown Credit Agreement. Under the Crown Fourth Amendment, the calculation of DCM’s Net Debt to EBITDA Ratio covenant was modified such that EBITDA is calculated on an annualized basis for the first three quarters of 2020, commencing with EBITDA for the quarter ending March 31, 2020. The Net Debt to EBITDA Ratio covenant was further modified such that DCM is required to maintain a maximum Net Debt to EBITDA Ratio of 5.0 to 1.0 for the quarters ending March 31, 2020 and June 30, 2020, a maximum of 4.5 to 1.0 for the quarters ending September 30, 2020 and December 31, 2020 and a maximum of 3.0 to 1.0 for each quarter thereafter. The FCCR covenant under the Crown Credit Agreement was also modified such that DCM must maintain an FCCR of at least 1.1 to 1.0 for the quarter ending September 30, 2020, at least 1.15 to 1.0 for the quarter ending December 31, 2020 and at least 1.25 to 1.0 for each quarter thereafter. The FCCR will not apply for the quarters ending December 31, 2019, March 31, 2020 and June 30, 2020. The Crown Fourth Amendment also added a new financial covenant requiring DCM to have EBITDA of not less than $4.0 million for the quarter ending March 31, 2020 and cumulative EBITDA of not less than $8.0 million for the six-month period ending June 30, 2020. The Crown Fourth Amendment increased the interest rate on the Crown Credit Agreement from 10% per annum to 12% per annum, with the incremental 200 basis points per annum being accrued and payable at the earlier of maturity of the Crown Credit Agreement or, pursuant to its prepayment terms, prepayment in full.

In connection with the Crown Fourth Amendment, the Company has agreed to amend the exercise price of (A) the 960,000 common share purchase warrants of the Company issued to Crown in May 2018 from $1.75 to $0.26, and (B) the 550,000 common share purchase warrants of the Company issued to Crown in August 2019 from $1.08 to $0.26. In accordance with the rules of the Toronto Stock Exchange, these amendments will become effective on January 8, 2020.

Additional information regarding the Company’s senior credit facilities and other indebtedness is set out in DCM’s annual information form for the year ended December 31, 2019 and its annual and interim financial statements and related management’s discussion and analysis, all of which is available on SEDAR at www.sedar.com.

More Information About the Rights Offering

DCM has retained Kingsdale Advisors as its information agent in connection with the Rights Offering. Questions and requests for assistance relating to the Rights Offering may be directed to Kingsdale at [email protected] or 1-866-851-2484.

No Offering in the United States

Neither the Rights nor the Common Shares issuable upon exercise of the Rights have been, or will be, registered under the United States Securities Act of 1933, as amended, (the “1933 Act”) and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any Rights or Common Shares in the United States or to, or for, the account or benefit of, U.S. persons.

ABOUT DATA COMMUNICATIONS MANAGEMENT CORP.

DCM is a communication solutions partner that adds value for major companies across North America by creating more meaningful connections with their customers. DCM pairs customer insights and thought leadership with cutting edge products, modular enabling technology and services to power its clients’ go to market strategies. DCM helps its clients manage how their brands come to life, determine which channels are right for them, manage multimedia campaigns, deploy location specific and 1:1 marketing, execute custom loyalty programs, and fulfill their commercial printing needs all in one place.

DCM’s extensive experience has positioned it as an expert at providing communication solutions across many verticals, including the financial, retail, healthcare, consumer health, energy, and not for profit sectors. As a result of its locations throughout Canada and in the United States (Chicago, Illinois), it is able to meet its clients’ varying needs with scale, speed, and efficiency – no matter how large or complex the ask. DCM is able to deliver advanced data security, regulatory compliance, and bilingual communications, both in print and/or digital formats.

Additional information relating to DATA Communications Management Corp. is available on www.datacm.com, and in the disclosure documents filed by DATA Communications Management Corp. on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward looking” statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of DCM or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward looking statements. When used in this press release, words such as “may”, “would”, “could”, “will”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and other similar expressions are intended to identify forward looking statements. These statements reflect DCM’s current views regarding future events and operating performance, are based on information currently available to DCM, and speak only as of the date of this press release. These forward looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees that future performance or results will be achieved. Many factors could cause the actual results, performance, objectives or achievements of DCM to be materially different from any future results, performance, objectives or achievements that may be expressed or implied by such forward looking statements, including the changes in the Company’s senior management and other factors discussed elsewhere in this press release and under the headings “Liquidity and capital resources” and “Risks and Uncertainties” in DCM’s management’s discussion and analysis and other publicly available disclosure documents, as filed by DCM on SEDAR (www.sedar.com).

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Unless required by applicable securities law, DCM does not intend and does not assume any obligation to update these forward looking statements.

For further information, contact:

Mr. Gregory J. Cochrane

Chief Executive Officer

DATA Communications Management Corp.

Tel: (905) 791-3151

Mr. James E. Lorimer

Chief Financial Officer

DATA Communications Management Corp.

Tel: (905) 791-3151

[email protected]

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DCM to Announce Second Quarter 2022 Results

The Company will host a conference call and webcast.

DCM will be using Microsoft Teams to broadcast the call, which will be accessible via the options below:

Join on your computer or mobile app

Click here to join the meeting

Or call in (audio only)

+1 647-749-9154,,914477492# Canada, Toronto
Phone Conference ID: 914 477 492#

The Company’s full results will be posted on its Investor Relations page and on www.sedar.com. A video message from Richard Kellam, DCM’s President and CEO, will also be posted on the Company’s website.

Please check back later for latest event information.

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Alison Simpson

Director

An award-winning marketer with an exceptional record in business and marketing strategy, Alison is renowned for helping companies differentiate their brands in ways that inspire associates, excite customers, and grow the business. Currently CMO for Key, an innovative Toronto-based technology real estate company, she has held similar roles at Holt Renfrew, TMX Group, and Rogers Communications, as well as building a consultancy specializing in start-ups. She brings to DCM a proven knack for quickly measuring business potential against consumer needs, and driving powerful results.
Along with her support for DCM, Alison sits on the board for CNIB Foundation, and the Advisory Board at Smith School of Business Master of Management Data Analytics and Artificial Intelligence Program. As a past board director for MEC (Mountain Equipment Company), she was part of a turnaround effort and helped manage through its strategic business restructuring, sale and increased profitability. She is passionate about helping organizations thrive in today’s increasingly competitive market environments.
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J.R. Kingsley Ward

Chairman of the Board

With over 30 years of experience as an investor in, and director of, private equity and public company investments, Kingsley provides incomparable guidance to DCM. He became director of the company in 2014 and Chairman in 2016. Kingsley began his career in 1991 at Vimy Ridge Group Ltd., later serving as President of VRG Capital. He co-founded and was director of Globalive Technology Partners, an AI and blockchain technology company, and also founded IPEC (now Flint Energy Services). Later, he founded Pareto Corp., a marketing services company, and served as Director of PLM Group, a commercial printing and direct marketing company. Now Managing Partner of VRG Capital Corp., he is also Chairman on a number of boards across a wide range of industries including finance, communications, and pharma.

Passionate about giving back to Canadian communities, Kingsley has worked with Polo for Heart, a Heart & Stroke Foundation charity event, for 25 years. He is a co-chair of the Capitalize for Kids board, an investor conference in support of SickKids Hospital, and is a past director of the Special Olympics Canada Foundation. Actively involved in YPO (Young Presidents’ Organization) since 1999, Kingsley has held a number of positions, including chairman of the Ontario chapter and Canadian regional educational officer.