EDMONTON, Aug. 1, 2012 /CNW/ - F.V.Ramsoondar, President and Chief Executive Officer of United Protection Security Group Inc. (UPSG or the Company), (TSX-V: UZZ) is pleased to announce that the Company has increased its receivables financing agreement with its international lender based in New York City.
The limit has been increased from $4.5M USD to $7M USD. The facility does not provide for any financial ratio covenants, and is secured by a corporate guarantee and also a by personal guarantee of the President and Chief Executive Officer of the Company. The Company has also negotiated a reduction in the annual borrowing interest rate by 1%.
The increase in the facility will allow to the Company to continue working towards its growth objectives.
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Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks related to business development and retention, and risks related to the current economic and credit conditions. As a result, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
SOURCE United Protection Security Group Inc.