WOODBRIDGE, ON, Feb. 22 /CNW/ - Organic Resource Management Inc. (TSX-V: ORI) ("ORMI" or "the Company"), today announced that, on February 22, 2010, it has renewed its credit facilities with the Royal Bank of Canada ("RBC") increasing the total facilities from $2,500,000 to $3,000,000. The renewed agreement is comprised of $1,500,000 for a revolving demand facility, based on 75% of eligible accounts receivable at an annual interest rate of RBC prime plus 1.5%, and a $1,500,000 lease facility which is governed under separate agreements.
Prior to the renewal, the Company had a $2,000,000 revolving demand facility and a $500,000 lease facility. The $1,000,000 increase to the lease facility provides the Company with the opportunity to pursue additional growth prospects requiring capital investments. The $500,000 reduction in the revolving demand facility is not expected to have any impact on operations as the Company has not drawn on this facility since its inception on February 6, 2009.
About Organic Resource Management Inc.
Organic Resource Management is Canada's largest provider of vacuum truck services for the collection, processing and recycling of food-related organic residuals. ORMI services in excess of 6,000 regular scheduled commercial, industrial, institutional and residential customers in Ontario, Quebec and British Columbia. Further information about ORMI may be obtained at the Company's web site at www.ormi.com.
Note: Certain information contained in this press release may be forward-looking and therefore subject to unknown risks or uncertainties. The actual results, performance or achievements of Organic Resource Management Inc. may differ materially from the results, performance or achievements of the Company expressed or implied by such forward-looking statements.
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.
SOURCE Organic Resource Management Inc.
For further information: For further information: Organic Resource Management Inc., Charles Buehler, Chairman and CEO, Tel: (416) 580-8574, Email: email@example.com, Website: www.ormi.com; The Equicom Group, Glen Williams, Investor Relations, Tel: (416) 815-0700 ext. 272, Email: firstname.lastname@example.org