IRVINE, Calif., Aug. 22, 2016 /PRNewswire/ -- DecisionPoint Systems, a leading provider and integrator of Enterprise Mobility and Internet of Things (IoT) solutions, announced today that it has signed new commercial banking relationships with Union Bank combined with CapitalSource Business Financial Group, as the Company's primary line-of-credit lender. The new relationships replace the Company's previous commercial banker and primary lender, where the line-of-credit has been fully repaid and closed.
DecisionPoint now has a three-year revolving line-of-credit of $6 million, at an interest rate of 1.25 points over the Prime Rate, a full 200 basis points lower than the former lender's rate. Total fees with Union Bank and CapitalSource are significantly lower than the fees charged by the Company's previous lender, adding to the savings. The line-of-credit is secured by substantially all of DecisionPoint's assets, similar to the previous lender relationship.
CEO Steve Smith commented, "Today's DecisionPoint is ready to grow again. We are leaner through continued efforts to reduce operational and financial expenditures. We have become more focused by divesting non-core operations that were negatively affecting cash flows. Our innovative solutions enable front line workers in retail, transportation, warehousing and other industrial segments to be in constant communication with the information they need, when and where they need it. We offer a full range of wireless, mobility and RFID technologies and products to meet our customers' diverse needs. The new relationships with Union Bank and CapitalSource will further enhance our ability to increase income, acquire new customers and better serve our existing customer base."
About CapitalSource Business Financial Group
As a division of Pacific Western Bank, a wholly-owned subsidiary of PacWest Bancorp (NASDAQ: PACW), CapitalSource makes commercial loans to small and middle-market businesses nationwide. Guided by a spirit of integrity and discipline since its founding, CapitalSource's commitment and capabilities were strengthened when it joined forces with Pacific Western Bank in April of 2014.
About MUFG Union Bank
Headquartered in New York, MUFG Americas Holdings Corporation is a financial holding company and bank holding company with total assets of $117.2 billion at June 30, 2016. Its principal subsidiary, MUFG Union Bank, N.A., provides an array of financial services to individuals, small businesses, middle-market companies and major corporations. As of June, 2016, MUFG Union Bank, N.A. operated 366 branches, comprised primarily of retail banking branches in the West Coast states, along with commercial branches in Texas, Illinois, New York and Georgia, as well as two international offices. MUFG Americas Holdings Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd. which is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc., one of the world's leading financial groups. Visit www.unionbank.com or www.mufgamericas.com for more information.
About DecisionPoint™ Systems, Inc.
DecisionPoint Systems, Inc. delivers improved productivity and operational advantages to its clients by helping them move their business decision points closer to their customers. We do this by making enterprise software applications accessible to the front-line worker anytime, anywhere.
For more information about DecisionPoint Systems, Inc., visit www.decisionpt.com.
Except for historical information contained herein, the statements in this communication may include forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievements in the future to differ materially from forecasted results, performance and achievements. DecisionPoint undertakes no obligation to publicly release the results of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in its plans or expectations.
DecisionPoint™ Systems, Inc.
Chief Financial Officer
Rudy Barrio (investors)
SOURCE DecisionPoint Systems, Inc.