TORONTO, Sept. 24, 2012 /CNW/ - Wheels Group Inc. ("Wheels" or the "Company") (TSXV: WGI), a leading North American 3PL, supply chain logistics provider today announced that it has expanded, revised and combined its previously separate credit facilities with its bankers, the Bank of Montreal, acting as agent, and Integrated Private Debt.
Under the terms of this new credit facility, the Company's revolving facility has been increased from $10 million to $15 million. The credit facility also includes a new $6 million non-revolving term facility to be used for the previously announced acquisition of the business of the MSM Group of Companies, expected to close at the end of September. The credit facility is secured by the assets of the Company and matures in July 2015.
"This revised and expanded credit facility provides Wheels with greater flexibility to execute on its growth strategy." said Ted Irwin, CFO of Wheels.
Further information can be found in the disclosure documents filed by Wheels Group Inc. with the securities regulatory authorities, available under the profile of the Company at www.SEDAR.com.
Founded in 1988, Wheels Group Inc. is a leading North American 3PL, supply chain logistics provider. As a non-asset provider, the Company develops advanced supply chain solutions delivered through its qualified partner network of over 5,000 truck, rail, air, and ocean carriers. Wheels Group Inc. serves consumer goods, food and beverage, manufacturing and retail clients through 20 offices throughout the US and Canada. Wheels Group Inc. has been named one of Canada's 50 Best Managed Companies since 1997, Platinum since 2003. Wheels Group has been named one of North America's Top 100 third-party logistics ("3PL"), one of the Top 100 Food 3PL's and one of the Top Five IMC's (intermodal marketing companies).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Wheels Group Inc.
For further information:
Patrick J Marshall
VP Corporate Development & Investor Relations
Wheels Group Inc.
Tel: (905) 602-2700