Engineering/Remediation Resources Group and Comerica Bank Agreement
Two Year Agreement is Finalized
MARTINEZ, Calif., Sept. 27, 2013 /PRNewswire-iReach/ -- ERRG and Comerica Bank have entered into a two year agreement establishing a banking relationship which will provide for working capital needs on favorable terms and conditions. The agreement has an expiration date of September 2015.
"I am extremely pleased that the terms and conditions were negotiated to everyone's satisfaction as this provides security for ERRG over the next two years. It allows us to focus on managing other critical areas of the business without worrying about uncertainties surrounding working capital" said James Hudson, CFO of ERRG.
The total for all lines of credit in this agreement is approximately $10,000,000. There is a provision to allow for acquisition financing should appropriate targets of opportunity present themselves.
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $62.9 billion at June 30, 2013.
Fast Facts on Comerica:
- Among the 25 largest U.S. banking companies
- Located in seven of the 10 largest U.S. cities
- #1 pre-paid commercial card issuer
- 484 offices at June 30, 2013
- #10 among bank and thrift companies with the most commercial and industrial loans (12/31/11)
- Among the top 10 Ex-Im Bank working capital lenders
- #3 among DiversityInc® "Top 10 Regional Companies for Diversity" in 2012
Engineering/Remediation Resources Group, Inc. (ERRG) is a minority- and woman-owned firm that provides turnkey services including:
- Environmental investigation and remediation
- Engineering and design
- Military munitions response
- Emergency preparedness, prevention and response
Our diverse staff of professional engineers, geologists, environmental scientists, and seasoned field construction personnel work in multidisciplinary teams to manage, design, and oversee practical solutions to environmental projects.
Driven by leaders with a cohesive vision and strong entrepreneurial spirit, the company has evolved into a diverse environmental, engineering, and construction services firm. Since 1997, ERRG has rapidly grown to a team of nearly 300 employees with a broad base of skills and offices throughout California, Washington, Oregon, Arizona, Hawaii, Colorado, and Pennsylvania. ERRG provides the full spectrum of remediation services to our public and private sector clients.
Media Contact: James Hudson, Engineering/Remediation Resources Group Inc., 925-839-2230, email@example.com
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SOURCE Engineering/Remediation Resources Group Inc.
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