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AutoInfo, Inc. Announces Increase in Credit Facility With Wachovia Bank
AutoInfo, Inc. Announces Increase in Credit Facility With Wachovia Bank
AutoInfo, Inc. (OTCBB: AUTO), a non-asset
based supply chain logistics company, today announced that it has increased
its credit facility with Wachovia Bank from $10.5 to $20 Million. The loan
provides for interest at LIBOR plus 1 1/4% per annum.
Harry Wachtel, President, stated, "We are extremely pleased that we have
secured this increase in our facility and we value our relationship with
Wachovia Bank. The completion of this transaction is a reflection on our
growth, strong financial position and track record. This credit facility
will support our working capital needs as we continue our growth and the
implementation of our business strategies. In addition, this increased
capital will enable us to seek out expansion opportunities that we believe
will, in conjunction with the growth of our agent network, further fuel our
future growth. "
AutoInfo, Inc., operating through its Sunteck subsidiary, is a non-asset
based supply chain logistics company. Its services include ground
transportation coast-to-coast, warehouse services, air freight, rail and
ocean freight. Sunteck has developed strategic alliances with major
truckload, LTL (less than truckload), air, rail and ocean carriers to react
to customers' needs quickly and effectively.
This press release contains forward-looking statements regarding the timing
and financial impact of the Company's ability to implement its business
plan, expected revenues and success during 2008 and beyond. These
statements involve a number of risks and uncertainties and are based on
assumptions involving judgments with respect to future economic,
competitive and market conditions and future business decisions, all of
which are difficult or impossible to predict accurately and many of which
are beyond AutoInfo's control. Some of the important factors that could
cause actual results to differ materially from those indicated by the
forward-looking statements are general economic conditions, changes in our
operating expenses, competitive pressures, changes in customer and market
requirements and standards, and the risk factors detailed from time to time
in AutoInfo's periodic filings with the Securities and Exchange Commission,
including without limitation AutoInfo's Annual Report on Form 10-K for the
year ended December 31, 2007. The forward looking-statements in this press
release are based upon management's reasonable belief as of the date
hereof. AutoInfo disclaims any obligation to update these statements.
Copyright © 2008, MarketWire
Copyright © 2008, NewsBlaze,
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