NEW YORK, Feb. 3, 2011 /PRNewswire/ -- Zanett (Nasdaq: ZANE), a leading consulting firm specializing in serving Fortune 500 corporations and mid-market organizations in Health Care, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government today announced that it has recently signed a 3-year banking relationship with PNC Bank. The 3-year Line of Credit is for a maximum amount of $10 million and initially carries an interest rate of Prime +1.25%.
Zanett's original banker was LaSalle Bank, who specialized in helping small and mid-sized business grow steadily year after year. Then LaSalle Bank was purchased by Bank of America.
Sometime after the acquisition, and possibly in part due to the credit crisis, Bank of America informed Zanett that they were no longer servicing the segment of the market to which Zanett belonged, thus renewing the Bank of America relationship was not feasible. As a result of this and other reasons, over the past 9 months, the Bank of America relationship has been winding down, and now is being fully replaced by the current long-term, stable commitment from PNC Bank.
"PNC Bank seems to understand that small/mid-sized businesses are the backbone of America, and the job-creating plans of these thousands of businesses throughout the land are the cure to this nation's unemployment issues," stated Dennis Harkins, President & CFO of Zanett Inc.
The newly available capital will allow Zanett to geographically expand its high-powered Sales Team, and augment its persevering and tenacious Delivery Squad.
"With this new funding in place, Zanett will be finally allowed to accelerate hiring in both our Sales and Delivery capacity, as we continue to grow our geographic footprint, and focus on creating new vertical markets," said Chuck Deskins, President of Zanett Commercial Solutions.
"At a time when many banks are still contracting their loan accommodations, even to credit-worthy borrowers, it is gratifying to receive the support of PNC Bank, with a facility that will serve both our current, as well as potential future needs," noted Claudio Guazzoni, Chairman & CEO.
"As we continue to grow our customer base and open new offices around the country, the PNC revolver, which represents a 67% increase over our previous line of credit with Bank of America, will not only allow us to compete more effectively, but also will allow us to continue to serve our customers in a superior manner," he added.
For complete details please refer to the report on Form 8K recently filed with the SEC.
About Zanett, Inc.
Zanett is a leading business process outsourcing (BPO), IT enabled services (ITES), and information technology (IT) consulting firm serving Fortune 500 corporations and mid-market organizations in Healthcare, Life Sciences, Manufacturing & Distribution, Retail, Gaming & Hospitality, and State & Local Government.
Zanett helps organizations align business objectives with outsourced technology-enabled services to create Real Enterprise Value. We offer solutions ranging from business consulting as well as custom business solutions that integrate and implement Oracle's full suite of product offerings Oracle, JD Edwards, PeopleSoft, Seibel, including infrastructure technology and managed services together with associated Oracle Fusion technologies. Zanett employs over 223 professionals in North America and Asia with offices in Atlanta, Boston, Cincinnati, Indianapolis, Jacksonville, New York City, North Palm Beach, and Manila. For more information please visit http://www.zanett.com/ or http://healthcare.zanett.com.
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