Fortran Corporation Closes $4,000,000 Revolving Credit Facility from Senior Lender
HICKORY, N.C., March 20, 2014 /PRNewswire/ -- Fortran Corporation (OTC: FRTN), announced today that it has closed on a $4,000,000 revolving line of credit. Under the terms of the agreement, TCA Global Credit Master Fund, L.P. committed to lend $4,000,000 through one of the Fund's Senior Secured Revolving Notes, with an initial draw of $900,000. The Company meets specific monthly reporting and collateral requirements to further draw on the revolving credit facility.
Douglas Rink, CEO of Fortran Corporation, stated, "We secured this credit facility with TCA Global that will support the company's financing needs throughout the rest of this year. This facility will assist us with working capital and provide the capital structure needed to further our corporate strategy of continued growth by acquisitions in our Telecom and related divisions."
About TCA Global
TCA Global is a short duration, absolute return fund specializing in senior secured lending to small, mainly listed companies in the U.S., Canada, Western Europe and Australia. The firm has a level of domestic and cross-border expertise, long-standing experience and funding innovations, as is reflected in the number of transactions completed.
About Fortran Corporation
Fortran is a communications system integrator through its subsidiaries, NTC, B & L Telephone, LLC, CCI-Telecom, Inc., Fortran Communications, Inc. and Wynncom, Inc. Fortran is dedicated to designing, sourcing, implementing and maintaining communications solutions for business and governments. Fortran currently services more than 5,500 clients in 2 states with 4 offices in the Southeast. To learn more, please visit the Fortran website at www.fortrancorp.com.
This press release is for information purposes only and is not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy shares of Fortran Corporation in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction, and the distribution of this communication in jurisdictions may be similarly restricted. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Fortran Corporation's filings with the OTC Markets News Service. The company assumes no obligation to update any forward-looking statement.
SOURCE Fortran Corporation