NTG Clarity Networks Increases its Credit Facility to $9.1 Million CDN. Increased operating line and revolving facility to support pre-shipping costs
Toronto, ON / TheNewswire / June 23, 2015 / NTG Clarity Networks Inc. (TSX.V:NCI), a leader in the telecommunications OSS/BSS market, today announced that it has completed an agreement to renew and increase its existing $3.5 million credit facility and $1.2 million bonding facility with RBC Royal Bank of Canada, Knowledge Based Industries Banking Group - Toronto.
The new facility adds financing to support NTG's organic growth, new opportunities and ongoing projects.
The agreement includes:
- $3 million operating line available for general working capital purposes to fund continued growth;
- $3 million pre-shipping revolving facility to support pre-shipping costs associated with exports;
- $3 million letter of guarantee facility to support bid and performance and payment guarantees for export contracts.
"This increased facility and the positive results from 2014 and Q1 2015, allows NTG to aggressively pursue new opportunities to achieve our growth plan for the coming year" said Ashraf Zaghloul, NTG Clarity Chairman and CEO.
Facilities are supported by Export Development Canada (EDC).
About NTG Clarity Networks Inc.
NTG Clarity Networks' vision is to be a global leader in providing networking solutions. Established in 1992, NTG Clarity is a leader in Canada in delivering networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 380 network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading network service providers and enterprises. |
