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MYTEC TECHNOLOGIES INC. ANNOUNCES $15 MILLION BANK FINANCING
Financing to be used to fund future growth
TORONTO, June 16 /CNW/ - Mytec Technologies Inc. (MYT:TSE) in conjunction with its subsidiary Counterforce Inc. announced today that it has accepted an offer from The Toronto Dominion Bank for an operating line of credit of up to $5 million and a term loan facility of $10 million. The operating line of credit is to be used for general operating purposes, while the term loan is to be used to finance the account growth of Counterforce. The financing will be secured by a general security agreement over the assets of the company and its subsidiary.
''This bank financing provides us with the necessary funds to accelerate our growth and boost our Counterforce account base,'' said Thomas Grecco, President and CEO of Mytec. ''We will now have the ability to further capitalize on the excellent progress that we have made with our certified biometric security products. We aim to enhance our position as a leader in this emerging market. The term loan provides us with the required funding to finance the acquisition of new monitoring contracts and offer additional services to our valued Independent Alarm Dealers.''
About Mytec Technologies Inc.
Mytec Technologies Inc. (MYT:TSE) is headquartered in Toronto with
distribution partners in various worldwide locations. Mytec specializes in personal and corporate security solutions using biometrics, and develops both hardware and software applications. Mytec has also developed and patented algorithms for secure key management using a biometric such as a fingerprint. Through its wholly owned subsidiary, Counterforce, Mytec also provides alarm monitoring services to more than 650 Independent Alarm Company partners who sell, install and service security alarm systems. Visit our website: mytec.com.
Mytec, Mytec Technologies Inc., the Mytec logo, Bioscrypt, Touchstone, and Biometric Encryption are trademarks or registered trademarks of Mytec Technologies Inc. in Canada and other countries. All other brand or product names are or may be trademarks of, and are used to identify products or services of, their respective owners.
For further information: Selwyn Wener, Mainstay Communications, Investor Relations, (416) 366-5550 ext. 117, selwyn@mainstay.ca; Brenda Lawless, Mytec Technologies Inc., Investor Relations, (416) 467-3301, blaw@mytec.com |
