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NTG Clarity Networks Increases its Credit Facility to $9.1 Million CDN. Increased operating line and revolving facility to support pre-shipping costs
(via Thenewswire.ca) Toronto, ON / TheNewswire / June 23, 2015 / NTG Clarity Netw...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Increases its Credit Facility to $9.1 Million CDN. Increased operating line and revolving facility to support pre-shipping costs(via Thenewswire.ca)\n\n \nToronto, ON / TheNewswire / June 23, 2015 / NTG Clarity Networks Inc. (TSX.V:NCI), a leader in the telecommunications OSS/BSS market, today announced that it has completed an agreement to renew and increase its existing $3.5 million credit facility and $1.2 million bonding facility with RBC Royal Bank of Canada, Knowledge Based Industries Banking Group - Toronto. \n\n\n \nThe new facility adds financing to support NTG's organic growth, new opportunities and ongoing projects.\n\n\n \nThe agreement includes: \n\n\n \n\n\n- $3 million operating line available for general working capital purposes to fund continued growth;\n\n\n\n- $3 million pre-shipping revolving facility to support pre-shipping costs associated with exports; \n\n\n\n- $3 million letter of guarantee facility to support bid and performance and payment guarantees for export contracts.\n\n\n\n\n \n\"This increased facility and the positive results from 2014 and Q1 2015, allows NTG to aggressively pursue new opportunities to achieve our growth plan for the coming year\" said Ashraf Zaghloul, NTG Clarity Chairman and CEO. \n\n\n \nFacilities are supported by Export Development Canada (EDC).\n\n\n \nAbout NTG Clarity Networks Inc.\n\n\n \nNTG 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 380 network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading network service providers and enterprises.\n\n\n \nAbout RBC\n\n\n \nRBC Royal Bank of Canada is Canada's largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis. We employ approximately 78,000 full- and part-time employees who serve more than 16 million personal, business, public sec...