MONTREAL, Feb. 8 /CNW Telbec/ - Mitec Telecom Inc. ("Mitec") (TSX: MTM), a leading designer and manufacturer of mobile wireless, fixed wireless, broadcast and satellite components, announced today it has repaid the balance of a $500,000 Term Loan facility arranged in October 2010. This facility was arranged to support Mitec's cashflow requirements at that time and is no longer required.
"We set up this facility as a bridge financing in October to ensure that we could take advantage of various market opportunities that were immediately executable at that time", commented Executive Chairman Jeffrey Mandel. "As a direct consequence, Mitec was able to achieve its objectives and subsequently implement a strategy - which is ongoing today - to streamline its operations and separate its various product lines with the objective of unlocking shareholder value."
"Since October, we have succeeded in raising additional equity for Mitec and our market capitalization has begun to increase. We are well on our way to achieving our stated objectives and look forward to providing our shareholders with further updates in the near future", said Mandel.
Mitec also announced today that Jeff Joseph, VP Business Development, has decided to pursue other activities. "We wish Jeff well in his future endeavours", said Mandel.
About Mitec Telecom Inc.
Mitec is a leading designer and provider of radio frequency (RF) products for the telecommunications and satellite communications industries, as well as a variety of other sectors. Mitec sells its products worldwide to network providers for incorporation into high-performing wireless networks used in voice and data/internet communications. Headquartered in Montreal, Canada, Mitec also operates facilities in California and China. Mitec is listed on the Toronto Stock Exchange under the symbol MTM. On-line information about Mitec is available at www.mitectelecom.com.
Due to confidentiality provisions, Mitec is generally not able to disclose the names of its major customers or the financial data related to sales transactions. Certain statements in this release, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for Mitec's products, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in Mitec's public filings with the appropriate securities regulatory authorities.
SOURCE MITEC TELECOM INC.
For further information: Mr. Jeffrey Mandel, Executive Chairman and Director, Investor and Corporate Relations, Tel.: (514) 694-9000, firstname.lastname@example.org; Source: Mitec Telecom Inc.