SANDY, Utah, Jan. 8, 2014 /PRNewswire/ -- SecureAlert, Inc. (SCRA: OTC-US), a global tracking and electronic monitoring services company, announced today that it has entered into a $25 million unsecured loan facility agreement with Singapore-based Tetra House Pte. Ltd.
"The new loan facility is an important milestone that underscores the success of SecureAlert's comprehensive restructuring efforts," said Director and Executive Committee member David Boone. "Following the award of a $70 million multi-year contract with the Chilean Gendarmerie late last year, this new financing agreement is another clear sign that we are well on our way to full recovery. This new facility will ensure we can continue to focus on delivering value-added services to our expanding customer base in parallel with delivering superior shareholder value."
The facility provides SecureAlert with working capital for general corporate purposes as well as funding for future acquisitions, both in the U.S. and internationally. Under the terms of the agreement, SecureAlert will be able to borrow up to $25 million until May 31, 2014 at an interest rate of eight percent (8%) per annum. The company has already submitted a utilization request for $10 million against the loan facility and expects this initial draw to be funded within days.
SecureAlert filed a Form 8-K disclosing the loan facility agreement with Tetra House on January 7, 2014.
SecureAlert markets and deploys offender monitoring solutions that combine tracking technologies with fulltime 24/7/365 monitoring and intervention capabilities. The company delivers patented offender monitoring technology that effectively integrates GPS, Radio Frequency (RF) and three-way interactive voice communications in a single, globally-deployable solution with features that are unique in the industry. SecureAlert empowers professionals in law enforcement, corrections and rehabilitation organizations with monitoring programs for juvenile and adult defendants and offenders. These programs offer convicted offenders and pre-trial defendants an accountable opportunity to be free from incarceration while providing greater public safety at lower costs than imprisonment or more labor-intensive supervision alternatives. The company is based at 150 West Civic Center Drive, Suite 400, Sandy, Utah 84070. To learn more, please call (801) 451-6141, or send an email to email@example.com. Visit SecureAlert online at www.securealert.com.
About Tetra House
Tetra House Pte. Ltd. is a private company incorporated under the laws of the Republic of Singapore and is controlled by Mr. Guy Dubois, a member of SecureAlert's Board of Directors and who currently serves as its Chairman of the Board.
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SOURCE SecureAlert, Inc.