TORONTO, May 30, 2014 /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 its
wholly-owned subsidiary, BSM Technologies U.S. Holdings, Inc. ("BSM
U.S."), has closed its previously announced acquisition of 100% of the
membership interests of privately held Lat-Lon, L.L.C. ("Lat-Lon"), a
Colorado limited liability company (the "Lat-Lon Acquisition"), upon
the terms previously announced in the Company's press release dated May
"By adding Lat-Lon's impressive customer base, rail car and locomotive
product portfolio, and team, we have quickly expanded beyond our
existing high-rail solution and positioned BSM as a leader in the
important rail vertical," said Aly Rahemtulla, President & CEO of BSM.
"We will continue expanding in this key vertical, with many exciting
opportunities in front of us."
BSM also announced today that its credit agreement dated as of June 28,
2013 with a Canadian chartered bank has been amended to temporarily
increase the existing revolving credit facility from $3,000,000 to
$11,400,000 (the "Credit Increase"). The Credit Increase was utilized
in connection with the closing of the Lat-Lon Acquisition. BSM
currently expects to amend and restate its existing credit agreement
(the "Amended and Restated Credit Agreement"), whereby BSM U.S. will
become an additional borrower and a new five (5) year term credit
facility for USD$7,000,000 will be added. The Amended and Restated
Credit Facility is currently expected to close on or prior to June 30,
2014, is subject to customary closing conditions and will be used to
reduce the balance on the revolving credit facility.
About BSM Technologies Inc. (bsmwireless.com)
BSM Technologies Inc., through its subsidiaries, is a leading provider
of remote monitoring, fleet tracking and fleet maintenance and a business intelligence 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.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor
shall there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
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.
For more information, please visit http://www.bsmwireless.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information within the
meaning of applicable securities laws. Such forward-looking information
is often, but not always, identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "expect" and
"intend" and statements that an event or result "may", "will",
"should", "could", or "might" occur or be achieved and any other
similar expressions. These forward-looking statements, and any
assumptions upon which they are based, are made in good faith and
reflect our current judgment regarding the direction of our business.
Management believes that these assumptions are reasonable.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those contained in the forward-looking
information. Some of these risks, uncertainties and other factors are
described under the heading "Risk Factors" in the Company's annual
information form available at www.sedar.com. Forward-looking information is based on estimates and opinions of
management at the date the statements are made. Except as required by
law, BSM does not undertake any obligation to update forward-looking
information even if circumstances or management's estimates or opinions
should change. Readers should not place undue reliance on
SOURCE: BSM Technologies Inc.
For further information:
President & CEO
BSM Technologies Inc.
(416) 815-0700 ext. 228
(416) 815-0700 ext. 278