Found this on the Dataflex home page. Looks like the new management is making the right moves. I think we'll get a few more points.
DATAFLEX SECURES NEW FINANCIAL AGREEMENT
WITH NATIONSBANK
Clearwater, Florida, January 10, 1997-----Dataflex Corporation (NASDAQ:DFLX), announced
today that it has entered into a $38,000,000 credit facility with NationsBank and NationsCredit
replacing its former agreement with another financial institution. The new agreement reduces interest
rates the Company is paying for its working capital loans. The refinancing was made possible as a
result of the improvement in the Company's balance sheet due to the recent sale of its Eastern and
Midwestern operations.
Richard C. Rose, CEO, stated, "This is the first step in Dataflex regaining the confidence of our
stockholders. This new financing agreement will reduce interest expense and provide the flexibility
needed for future expansion."
Anthony G. Lembo, President and Chief Operating Officer, said, "The interest rate reduction is
expected to save approximately $650,000 to $750,000 per year in interest expense compared to
our previous credit facility. The combination of these two organizations, NationsBank and
NationsCredit provides Dataflex the benefits of both a traditional bank finance arrangement and the
flexibility of inventory financing."
Dataflex provides computer products and services to corporations in the Southeastern United States
through its centralized, state-of-the-art, Telesales facility in Clearwater, Florida. In addition, Dataflex
maintains offices in Orlando, Miami and Tallahassee, Florida and Atlanta, Georgia. Dataflex is also
the exclusive Apple Education dealer for grades K-12 in nine Southern states. Dataflex offers
complete systems integration consulting, temporary technical personnel placement through its
FlexStaff program, customized technical training, project implementation services and hardware and
software product acquisition.
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