TECSYS Concludes $10 Million Financing Agreement to Fund Growth
MONTREAL, QUEBEC--(Marketwire - Nov. 1, 2012) - TECSYS Inc. (TSX:TCS), an industry-leading supply chain management software company, announced today that it has completed a financing agreement of up to $10 million with the National Bank of Canada to support the Company's growth.
The $10 million financing agreement includes:
-- A five-year $5.0 million term loan.
-- A $5.0 million operating line of credit.
"Over the last eighteen months we have experienced a significant increase in demand for our software and services resulting in the growth of our backlog, human resources and associated capital infrastructure. We have also accelerated our investments in R&D. The financing agreement we have just concluded will provide us with the added liquidity necessary to take advantage of the current growth opportunity," commented Peter Brereton President & CEO of TECSYS.
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TECSYS is a leading supply chain management software provider that delivers powerful enterprise distribution, warehouse and transportation logistics software solutions. The company's customers include over 600 mid-size and Fortune 1000 corporations in healthcare, heavy equipment, third-party logistics, and general wholesale high-volume distribution industries. TECSYS' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS.
The statements in this news release relating to matters that are not historical fact are forward looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that TECSYS Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of TECSYS Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with TECSYS Inc.'s business can be found in the MD&A section of the Company's annual report and annual information form for the fiscal year ended April 30th, 2012. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR (www.sedar.com).
Copyright (C) TECSYS Inc. 2012. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.
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