QUEBEC, April 23 /CNW Telbec/ - Fortsum Business Solutions Inc. (Fortsum
Business Solutions) (TSX Venture Exchange: FRT) is pleased to announce to its
shareholders the signature of an offer of credit letter with the National Bank
of Canada (National Bank) in the amount of $5M for a term of 42 months at a
preferential interest rate. This loan is subject to the loaning institution's
normal conditions, notably the maintenance of certain financial ratios on the
part of the borrowing company. This loan will reduce the interest rate on the
long-term debt from 14% as disclosed in fiscal year 2006 financial statements
to an average projected rate near 8%.
"We are very happy with the credit conditions offered by the National
Bank for refinancing the balance of our long-term debt, which should be paid
in full by June 2008," mentioned Fortsum Business Solutions' Chief Executive
Officer François Taschereau. "With this refinancing, the Corporation saves on
interest fees and will largely reduce financial expenses beginning in 2008.
Fortsum Business Solutions' solid performance provided the leverage to
negotiate the refinancing in a manner so advantageous to the Corporation,"
This press release may contain forward-looking information. Statements
based on current management expectations involve inherent risks and
uncertainties, both known and unknown. Actual results may vary from forecasts.
The reader should not place undue faith in forward-looking information.
Fortsum Business Solutions Inc. is mainly involved in the development,
sale and support of accounting, commercial and banking software. For more
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of the release.
For further information:
For further information: François Taschereau, Chief Executive Officer,
firstname.lastname@example.org; Dany Beaudet, Shareholder Communications Coordinator,
(418) 877-3003, ext. 2272, 1 888 268-0088, Fax: (418) 877-9994,
email@example.com; For the National Bank of Canada: Danielle Chabot, Public
Relations, Transit 4510-1, Banque Nationale, (514) 394-4209,