HICKORY, N.C., March 20, 2014 /PRNewswire/ -- Fortran
Corporation (OTC: FRTN), announced today that it has closed on a
$4,000,000 revolving line of credit.
Under the terms of the agreement, TCA Global Credit Master Fund,
L.P. committed to lend $4,000,000
through one of the Fund's Senior Secured Revolving Notes, with an
initial draw of $900,000. The Company
meets specific monthly reporting and collateral requirements to
further draw on the revolving credit facility.
Douglas Rink, CEO of Fortran
Corporation, stated, "We secured this credit facility with TCA
Global that will support the company's financing needs throughout
the rest of this year. This facility will assist us with
working capital and provide the capital structure needed to further
our corporate strategy of continued growth by acquisitions in our
Telecom and related divisions."
About TCA Global
TCA Global is a short duration, absolute return fund
specializing in senior secured lending to small, mainly listed
companies in the U.S., Canada,
Western Europe and Australia. The firm has a level of domestic
and cross-border expertise, long-standing experience and funding
innovations, as is reflected in the number of transactions
completed.
About Fortran Corporation
Fortran is a communications system integrator through its
subsidiaries, NTC, B & L Telephone, LLC, CCI-Telecom, Inc.,
Fortran Communications, Inc. and Wynncom, Inc. Fortran is dedicated
to designing, sourcing, implementing and maintaining communications
solutions for business and governments. Fortran currently services
more than 5,500 clients in 2 states with 4 offices in the
Southeast. To learn more, please visit the Fortran website at
www.fortrancorp.com.
Disclaimer
This press release is for information purposes only and is not
intended to constitute, and should not be construed as, an offer to
sell or a solicitation of any offer to buy shares of Fortran
Corporation in the United States
or in any other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration, exemption from
registration or qualification under the securities laws of such
jurisdiction, and the distribution of this communication in
jurisdictions may be similarly restricted. The matters discussed
herein may also be affected by risks and uncertainties described
from time to time in Fortran Corporation's filings with the OTC
Markets News Service. The company assumes no obligation to update
any forward-looking statement.
SOURCE Fortran Corporation
