I just received this fax from FIG:
March 20, 1998
XECOM ANNOUNCES FINANCING EXPANSION AND RESTRUCTURING TOTALING $41,000,000
RANCHO MIRAGE, Calif.,--Xecom President, Joseph Vigliarolo, announced today that its wholly owned subsidiary, Select Switch Systems, Inc. (SSI), has completed a restructuring and expansion of existing Capital Lease Facility totaling approximately $41,000.000.
Under terms of the new leasing contract, obtained through First Continental Capital Corporation of Dallas, SSI will add approximately $10,000,000 to and existing $31,000,000 lease package completed in August of last year.
In addition to the new financing, repayment of the new combined lease has been expanded from seven to ten years, approximating the remaining life of SSI's contract for Barracks Phone Program. Payments for the new portion of the financing, which is being utilized primarily to expand switching, cabling, and wiring at both new and existing Military Facilities will be deferred until January 1999.
By restructuring the existing $31,000,000 lease facility from seven to ten years, SSI will reduce amortization payments by approximately $137,000 per month.
Xecom Corp., through its wholly owned subsidiary, Select Switch Systems, Inc., installs, maintains and operates turnkey residential barracks telecommunications, video and Internet services through and exclusive subcontract agreement with Sprint Corporation, to the nations Army installations.
Wes |
