Mastech Holdings, Inc. Announces Expansion of Credit Facility With PNC Bank
PITTSBURGH, Sept. 1, 2011 /PRNewswire/ -- Mastech Holdings, Inc. (NYSE Amex: MHH), a national provider of information technology and specialized healthcare staffing services, announced today that the Company has amended its loan agreement with PNC Bank. Under the amended credit facility, the maximum borrowing amount will increase to $19 million from $10 million. The amended credit facility will expire on August 31, 2014.
The amended credit facility is comprised of a $15 million revolving credit loan, to be used for general corporate purposes, and a $4 million delayed draw term loan, to be used to facilitate acquisitions.
Thomas Moran, Chief Executive Officer of Mastech, stated, "I'm pleased to announce the continuation of our long-standing relationship with PNC Bank as a valued business partner of Mastech. Throughout our relationship, PNC Bank has demonstrated a keen understanding of our business objectives and a willingness to provide us with a credit facility to accommodate our business needs."
Commenting on the transaction, Jack Cronin, Chief Financial Officer, stated, "This amended facility gives us added financial flexibility to invest in our business, both organically and through strategic acquisitions, in efforts to strengthen our business model and accelerate our growth trajectory."
About Mastech Holdings, Inc.:
Leveraging the power of over 20 years of IT experience, Mastech (NYSE Amex: MHH) provides Information Technology Staffing services in the disciplines which drive today's business operations and Specialized Healthcare Staffing services to hospitals and other healthcare facilities. More information about Mastech can be found at Mastech's website: www.mastech.com.
Certain statements contained in this release are forward-looking statements based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements, which include but are not limited to projections of revenues, earnings, and cash flow. These statements are based on information currently available to the Company and it assumes no obligation to update the forward-looking statements as circumstances change. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation, the level of market demand for its services, the highly competitive market for the types of services offered by the company, the impact of competitive factors on profit margins, market conditions that could cause the Company's customers to reduce their spending for its services, and the company's ability to create, acquire and build new lines of business, to attract and retain qualified personnel, reduce costs and conserve cash, and other risks that are described in more detail in the company's filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2010.
SOURCE Mastech Holdings, Inc.