TORONTO, July 3, 2013 /CNW/ - BSM Technologies Inc. ("BSM" or the
"Company") (TSX-V: GPS), a leading provider of remote monitoring, fleet management, fleet diagnostics and automated vehicle security systems, today announced that it has
closed the three-year, $10 million credit facility with the
Toronto-Dominion Bank previously mentioned in the Company's June 3,
2013 announcement. This facility includes a $7 million term facility to
finance the full up-front cash consideration for the Company's recent
acquisition of AutoVision Wireless Inc. ("AutoVision"), and a $3
million operating line-of-credit. The term facility and operating
line-of-credit will initially carry an interest rate of 3.75%. The
interest rate will vary based on the prime rate and a ratio of total
debt to adjusted EBITDA.
"This credit facility allows us to complete our acquisition of
AutoVision with minimal dilution to shareholders," said Aly Rahemtulla,
President and CEO of BSM. "In addition, it puts us in a strengthened
financial position to execute on other accretive opportunities that are
consistent with our growth initiatives, while still maintaining a
conservative capital structure."
About BSM Technologies Inc. (bsmwireless.com)
BSM Technologies Inc., through its subsidiary BSM Wireless Inc., is a
leading provider of remote monitoring, fleet tracking, fleet maintenance, and business intelligent engine providing real time, web‐based tracking of mobile and fixed assets. BSM provides solutions for commercial,
government, and law enforcement organizations who manage and operate
diverse assets and large fleets, and who seek to enhance customer
service, improve the safety of their drivers and vehicles, and lower business costs.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
SOURCE: BSM Technologies Inc.
For further information:
President & CEO
BSM Technologies Inc.
(416) 815-0700 ext. 289
(416) 815-0700 ext. 278