Conversion Services International Secures $3.5 Million Revolving Line of Credit With Access Capital, Inc.
18 4월 2008 - 3:00AM
PR Newswire (US)
Replaces Laurus Master Fund line of credit EAST HANOVER, N.J.,
April 17 /PRNewswire-FirstCall/ -- Conversion Services
International, Inc. (AMEX:CVN), a premier professional services
firm focused on delivering business intelligence and business
process optimization solutions to Global 2000 organizations and
other businesses, today announced that it has executed a
replacement revolving line of credit agreement in March 2008 with
Access Capital, Inc. This replaces the Company's line of credit
with Laurus Master Fund, Ltd. which expired on March 31, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060421/NYF015LOGO )
The Access Capital line of credit provides for borrowing based on
the lesser of $3.5 million or a 90% advance rate against eligible
accounts receivable, has a three-year term, and an interest rate of
prime plus 2.75%. The Company must comply with a $400,000 minimum
working capital covenant which is to be measured monthly and must
maintain minimum monthly borrowing levels between $2.0 and $2.5
million during the three year term. Scott Newman, chairman and
chief executive officer of CSI, stated, "We are very pleased to
have closed on this deal with Access Capital. There is no
requirement for the Company to issue stock or warrants to Access
Capital under this arrangement. We anticipate a reduction in our
average annual expense related to borrowing under the line of
credit, taking into account both cash payments and equity issued
with respect to the previous line of credit, by more than $500,000.
We anticipate that this revolver will support our business needs as
we continue to expand our services in our core markets. " About
Conversion Services International, Inc. Conversion Services
International, Inc. (CSI) is a provider of professional services
focusing on strategic consulting, data warehousing, business
intelligence, business process reengineering, as well as
integration and information technology management solutions. CSI
offers an array of products and services to help companies define,
develop, and implement the warehousing and strategic use of both
enterprise-wide and specific categories of strategic data. CSI's
customers include ADP, Coach, Goldman Sachs, Liberty Mutual, Merck,
Morgan Stanley, and Pfizer. Information about CSI can be found on
the web at http://www.csiwhq.com/ or by calling its corporate
headquarters at 888-CSI-5036. Note on Forward-Looking Statements
Except for the historical information contained herein, this press
release contains, among other things, certain forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainties. Such
statements may include, without limitation, statements with respect
to CSI's plans, objectives, expectations and intentions and other
statements identified by words such as "may," "could," "would,"
"should," "believes," "expects," "anticipates," "estimates,"
"intends," "plans" or similar expressions. Actual results may
differ from those set forth in the forward-looking statements.
These forward-looking statements involve certain risks and
uncertainties that are subject to change based on various factors
(many of which are beyond CSI's control). CSI undertakes no
obligation to update publicly any forward-looking statements.
Investor Relations: Porter, LeVay & Rose, Inc. Michael J.
Porter, President Jeffrey Myhre, VP -- Editorial 212-564-4700 Media
Contact: Tracee Lee Beebe Marketing & Communications Conversion
Services International, Inc. 973-560-9400
http://www.newscom.com/cgi-bin/prnh/20060421/NYF015LOGO
http://photoarchive.ap.org/ DATASOURCE: Conversion Services
International, Inc. CONTACT: Investor Relations, Michael J. Porter,
President, or Jeffrey Myhre, VP-Editorial, +1-212-564-4700, both of
Porter, LeVay & Rose, Inc., for Conversion Services
International, Inc.; or Media, Tracee Lee Beebe, Marketing &
Communications of Conversion Services International, Inc.,
+1-973-560-9400, Web site: http://www.csiwhq.com/
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