.46/.50...11.15a...this just out...gpg
(COMTEX) B: CTIG concludes extension agreement with PNC Bank
B: CTIG concludes extension agreement with PNC Bank
VALLEY FORGE, Pa., Sep 30, 1999 (BUSINESS WIRE) -- CTI Group
(Holdings) Inc. (OTC:CTIG) today announced that its USA subsidiary CTI
Data Solutions Inc. has signed an extension agreement with PNC Bank for
a 12 month renewal of its line of credit.
The agreement is broadly a renewal of its previous agreement with PNC
with the exception that CTI, having already reduced the indebtedness to
$162,500, has agreed further to reduce this indebtedness by an
additional $62,500. The remaining $100,000 is to be termed out over the
12 month renewal period in equal installments commencing October 1,
1999.
Subsequent to this further debt reduction, CTIG reports that its
balance sheet will show cash balances on hand in excess of $1/2 million
as at today's date, the end of the Company's fiscal half year. The
Company anticipates publication of the corresponding 10QSB in
approximately four weeks which should show a further improvement in the
Company's operating results.
This release contains forward-looking statements that involve risks and
uncertainties. These statements may differ materially from actual
future events or results. Readers are referred to documents filed by
CTIG with the U.S. Securities and Exchange Commission.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: CTI Group (Holdings) Inc., Valley Forge
Anthony P. Johns, Chairman & CEO
610/666-1700
Fax: 610/666-7707
Email: tjohns@ctigroup.com
WEB PAGE: businesswire.com
GEOGRAPHY: PENNSYLVANIA
INDUSTRY CODE: COMPUTERS/ELECTRONICS
COMED
TELECOMMUNICATIONS
BANKING
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