SAN DIEGO, CA, May 20, 2024 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL” or the "Company"), a leading innovator of payment transaction solutions leveraging proprietary blockchain ledger and electronic payment technology for diverse international markets, entered into an Agreement with an existing noteholder (the “Noteholder”) of its 8% Senior Convertible Note (the “Note”), pursuant to which the Noteholder agreed to further forbear RYVYL’s repayment obligation under the Note to April 5, 2026.

Under the terms of the Agreement, in consideration for the Noteholder’s agreement to further extend the Company’s repayment obligation under the Note by an additional year, the Company will make a cash payment of $80,000 now as an advance payment of the next interest payment due and payable under the Note on October 1, 2024. Other terms of the Note remain unchanged, and a total of $19.1 million in principal currently remains outstanding under the Note, which RYVYL intends to repay, in full, on or before April 5, 2026.

“Extending our debt repayment obligation demonstrates the continued confidence and support of our Noteholder and strengthens our financial flexibility as we continue driving growth in multiple verticals across diverse international markets. Prepaying a portion of the scheduled interest payment underscores our commitment to maintaining strong relationships with our financial partners and our focus on investing in the Company's long-term success,” said RYVYL Chairman Ben Errez.

Additional information can be found in the Company's Current Report on Form 8-K filed today with the Securities and Exchange Commission, and available on RYVYL's Investor Relations website https://investors.ryvyl.com/financials/sec-filings/

About RYVYL

RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging proprietary blockchain ledger and electronic token technology for the diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com