Kits Eyecare arranges $15M asset-based lending facility

Mr. Roger Hardy reports KITS EYECARE ESTABLISHES $15 MILLION ASSET-BASED LENDING FACILITY WITH BANK OF MONTREAL Kits Eyecare Ltd. has entered into a new three-year asset-based lending (ABL) facility with Bank of Montreal (BMO), effective Nov. 24, 2025. The facility provides borrowing capacity of $15-million, with the option to increase to $20-million, priced at approximately prime plus 1 per cent. Concurrently, Kits fully repaid its Business Development Bank of Canada (BDC) term loan, originally issued on March 26, 2019, with an initial principal of $23.4-million and a scheduled maturity date of March 15, 2026. Kits completed the final $1-million payment on Nov. 21, 2025, retiring the loan more than four months ahead of schedule. In 2025, Kits made $4.8-million year to date in total payments to close the facility. Kits has no outstanding long-term debt. "As we enter our next phase of growth, we are excited to partner with one of Canada's largest banks to access cost-efficient capital that allows us to scale into this growth," said co-founder and chief executive officer Roger Hardy. "BDC has been an outstanding partner and great supporter from the beginning. This enhanced liquidity provides access for further investment as we continue to make eyecare easy for all customers across North America." Partner commentary Nick Drake of Business Development Bank of Canada added: "Our partnership with Kits Eyecare has been excellent. Management has leveraged our capital to build a dynamic, locally headquartered company that will benefit the region for years to come. The team's vision and execution have consistently impressed us, and they paid off their facility ahead of schedule. It has truly been a pleasure working with them and we look forward to the company's next chapter." Asset-based lending, Bank of Montreal, said: "Kits is a major player in the consumer industry. We are excited to partner with Kits to provide the additional capital for continued growth." About Kits Eyecare Ltd. Kits makes eyecare easy. Kits is a fast-growing consumer technology vision care brand using vertical integration to provide eyecare for eyes everywhere. Kits is redefining how the world experiences eyecare. As a fast-growing, vertically integrated vision care platform, Kits combines digital innovation, operational excellence and customer obsession to make eyecare easy, accessible and affordable -- for eyes everywhere. Through its advanced technology stack and proprietary suite of on-line vision tools -- including OpticianAI, the company's AI-powered (artificial intelligence) fitting engine trained on more than one million customer interactions -- Kits helps customers find their perfect fit, guaranteed. The company's end-to-end infrastructure -- from in-house frame design and North American optical lab to just-in-time manufacturing and intelligent fulfilment -- enables Kits to deliver made-to-order products with category-leading speed, accuracy and value. By removing intermediaries and leveraging real-time data, Kits offers competitive prices, exceptional customer service and a seamless digital shopping experience. At Kits, the company's mission is to earn its customers' lifelong trust by delivering beautiful products they love, service they remember and an experience that sets a new standard for the future of eyecare.