Teklogix arranges a new $40 million (USD) global credit facility
MISSISSAUGA, ON, Feb. 12 /CNW/ - Teklogix International Inc., a leading
manufacturer of wireless data communication systems, today announced a new
credit facility totaling $40 million (USD) from Fifth Third Bank of
Cincinnati, Ohio. These funds will provide Teklogix with the working capital
capacity needed to continue its growth and profitability. The agreement also
allows for foreign exchange contracts of up to $100 million depending upon the
maturity of such contracts.
''Fifth Third Bank had an existing relationship with Teklogix
International's U.S. subsidiary, Teklogix Corporation, which we wanted to
duplicate worldwide'', said Gordon Wilde, Vice President and Chief Financial
Officer, Teklogix. ''It was clear that Teklogix could prosper from Fifth Third
Bank's aggressiveness and ability to deliver a variety of products.''
''We are pleased to be able to provide Teklogix with a solution to their
global banking needs'', offers Andrew C. Collins, Vice President, Fifth Third
Bank. ''Fifth Third Bank is excited about working closely with Teklogix as the
company pursues its growth plans in international markets.''
Fifth Third Bank Executive Vice President, Stephen J. Schrantz, added:
''Our commercial division offers products and services that companies need to
stay competitive. Especially when you are competing globally, Fifth Third Bank
has the expertise and unique package of services to help companies succeed.''
Teklogix is a global leader in wireless data communications and enabling
software for supply chain and inventory management. The company designs,
manufactures, markets, and supports large-scale systems that provide
real-time, online communications in warehousing, distribution, logistics and
manufacturing applications. An estimated 6,000 Teklogix systems are installed
in more than 45 countries worldwide. The company has 34 sales and support
offices and 26 independent distributors throughout North America, Europe,
Asia, Australia and South & Latin America. Teklogix is traded on the Toronto
and Montreal Stock Exchanges under ticker symbol TKX.
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company, which has $28.9 billion (USD)
in assets, operates 12 affiliate banks with 468 full-service Banking Centers,
including 107 Bank Mart(R) locations and 1,261 Jeanie(R) ATMs in Ohio,
Kentucky, Indiana, Florida and Arizona. Fifth Third Bank operates four main
businesses: Retail, Commercial, Investments and Midwest Payment Systems, the
Bank's data processing subsidiary. The Company's common stock is traded
through the NASDAQ National Market Systems under the symbol FITB. Investor
information and press releases for Fifth Third Bank can be viewed at
www.53.com; press releases are also available by fax at no charge by calling
800-758-5804, identification number 281775.
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