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NTG Signs a Restructuring of Credit Facilities Agreement with the Bank
Towards the end of January 2019, NTG Clarity signed a Restructuring of Credit Facilities agreement with the bank to replace the existing credit agreement.
In principal, the new restructuring agreement is similar to the previous one, with the bank accepting Euler Hermes as our primary insurance company, and extending Facility 4 repayment to March 31, 2019. The bank requires NTG to pay down $70,000 per month (up from $60,000 per month) against the outstanding principal of this facility.
NTG has signed with Euler Hermes (a subsidiary of Allianz) to replace EDC as primary insurer, due to the fact that EDC withdrew all insurance support for Saudi Arabia.
The new credit facilities are more versatile and provide NTG Clarity with the ability to better match invoicing with work in progress. The restructuring also allows for better cash flow management so greater balance can be achieved toward corporate growth initiatives and debt repayment.
About NTG Clarity Networks Inc.
NTG Clarity Networks’ vision is to be a global leader in providing networking solutions. Established in 1992, NTG Clarity is a leader in Canada in delivering networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 350 network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading network service providers and enterprises.
Forward Looking Information
Certain statements in this release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward looking statements should circumstances or management's estimates or opinions change.
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For Further Information:
Doren Quinton, President QIS Capital
Kristine Lewis, President, NTG Clarity Networks Inc.