Dataram Signs New Term Sheet with Existing Lender
Dataram Corporation (NASDAQ: DRAM) announced today that it has signed a new term sheet with its existing lender. The term sheet provides for a reduction in the interest rate of approximately 25%, the elimination of the three clearing days for calculating the outstanding balance and increased availability based on formula by approximately $1,200,000.
The reduction in interest rate and clearing days will result in lower finance costs for the term of the agreement. The term sheet is subject to final documentation and the establishment of certain financial covenants. The total line remains at its current level of $3,500,000.
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