Reko Announces Signed Commitment Letter to Refinance Mortgage
WINDSOR, ONTARIO--(Marketwire - Nov. 26, 2012) - Reko International Group Inc. (TSX VENTURE:REK) ("Reko"), announced that it has signed a commitment letter with Motor City Community Credit Union ("Motor City") to refinance its mortgage. Reko's existing mortgage was due on July 1, 2013.
After finalization of the legal terms and securitization of the assets pledged, Reko will generate sufficient funds to repay its existing mortgage and pay all legal expenses associated with the mortgage. Reko and Motor City anticipate closing the transaction prior to the end of Reko's second quarter.
"Reko is pleased to have the continued financial support of Motor City," says Diane Reko, chief executive officer. "This represents another significant step in strengthening Reko's balance sheet."
About Reko International Group Inc.
Reko International Group Inc. is a publicly traded, certified woman owned manufacturing company located in Southwestern, Ontario. Established in 1976, Reko International Group Inc. is a diverse value-added designer and manufacturer of customized machining and engineering solutions to OEMs and their Tier I suppliers in dynamic sectors as rail equipment, oil and gas distribution, mining, military, capital equipment, and automotive.
REKO INTERNATIONAL GROUP INC.
469 Silver Creek Industrial Drive
- Reko Tool and Mould (1987) Inc.
- Concorde Machine Tool
- Reko Manufacturing Group Inc.
- Reko International Sales Inc.
- Reko International Holdings Inc.
- Reko Global Services, LLC
FOR FURTHER INFORMATION PLEASE CONTACT:
Reko International Group Inc.
Carl A. Merton
Chief Financial Officer