SLICRIC50, Remember a while back out of the blue y
Post# of 17653
Posted On: 10/13/2014 9:26:30 PM
SLICRIC50, Remember a while back out of the blue you said what If ! McHenry was going to get a line of credit from a reputable bank and update our servers so we would have 10x the traffic or was it a hundred.
I didn't find what I was looking for, But !! this was Kool anyway.
Hey gang.
July 21, 2014 / Virtutone Networks Inc. (“Virtutone” or the “Company”) (TSX Venture: VFX.V) is pleased to announce that it has secured a new $10 million line of credit with a tier one U.S. bank.
The line of credit is a one-year renewable term at a rate of prime plus 1.5% per annum. The facility is based on 85% of good accounts receivable.
“This new facility will significantly increase our revenues and goes a long way to helping us meet and potentially exceed our financial projections for this year,” said Jason Allen, Chief Executive Officer. “It will also substantially lower our cost of capital and therefore help drive profitability. We see a lot of attractive business that, prior to obtaining this line, we were unable to land, so we will have no trouble deploying this capital to the benefit of our shareholders.
“We are pleased to be working with this new bank, which understands our business and is willing to work with us to grow it. Although it took longer than we expected to find the right lending partner, finding this one has made the wait worthwhile.”
With this new line of credit, the Company has declined the previously announced $7.5 million credit facility on November 1st, 2013, as the cost of the capital was very high, and had restrictive terms. The Company required a larger and more long-term partnership providing the Company with more flexibility and a lower cost of capital.
I didn't find what I was looking for, But !! this was Kool anyway.
Hey gang.
July 21, 2014 / Virtutone Networks Inc. (“Virtutone” or the “Company”) (TSX Venture: VFX.V) is pleased to announce that it has secured a new $10 million line of credit with a tier one U.S. bank.
The line of credit is a one-year renewable term at a rate of prime plus 1.5% per annum. The facility is based on 85% of good accounts receivable.
“This new facility will significantly increase our revenues and goes a long way to helping us meet and potentially exceed our financial projections for this year,” said Jason Allen, Chief Executive Officer. “It will also substantially lower our cost of capital and therefore help drive profitability. We see a lot of attractive business that, prior to obtaining this line, we were unable to land, so we will have no trouble deploying this capital to the benefit of our shareholders.
“We are pleased to be working with this new bank, which understands our business and is willing to work with us to grow it. Although it took longer than we expected to find the right lending partner, finding this one has made the wait worthwhile.”
With this new line of credit, the Company has declined the previously announced $7.5 million credit facility on November 1st, 2013, as the cost of the capital was very high, and had restrictive terms. The Company required a larger and more long-term partnership providing the Company with more flexibility and a lower cost of capital.
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