$RGSE: “Since our last business update, we succe
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Posted On: 02/17/2017 8:40:08 AM
$RGSE: “Since our last business update, we successfully took advantage of capital market opportunities and raised additional financial capital,” said Dennis Lacey, CEO of RGS Energy. “As planned, we are now Nasdaq compliant. We also have a much stronger balance sheet which is debt-free.
DEBT-FREE
Repayment in Full of Revolving Line of Credit FacilityAs previously reported on Form 8-K, the company repaid in full its revolving line of credit facility and terminated the revolving line of credit facility and a supply agreement with the lender in February 2017.
“With our level of cash and working capital, there is no reason for a revolving line of credit facility,” said Alan Fine, Principal Financial Officer and Treasurer of RGS Energy. “We also terminated the related supply agreement with the lender which by elimination of the lender’s mark-up, will allow us to purchase materials at a lower price, which is beneficial for our gross margin percentage.”
http://www.streetinsider.com/Corporate+News/R...62016.html
DEBT-FREE
Repayment in Full of Revolving Line of Credit FacilityAs previously reported on Form 8-K, the company repaid in full its revolving line of credit facility and terminated the revolving line of credit facility and a supply agreement with the lender in February 2017.
“With our level of cash and working capital, there is no reason for a revolving line of credit facility,” said Alan Fine, Principal Financial Officer and Treasurer of RGS Energy. “We also terminated the related supply agreement with the lender which by elimination of the lender’s mark-up, will allow us to purchase materials at a lower price, which is beneficial for our gross margin percentage.”
http://www.streetinsider.com/Corporate+News/R...62016.html
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