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Tranzeo Provides Update on Credit Framework |
October 23, 2010
PITT MEADOWS, BRITISH COLUMBIA --(Marketwire - Oct. 22, 2010) - Tranzeo Wireless Technologies Inc. (TSX:TZT) provides the following update on its credit facility and its letter of credit usage. Tranzeo's credit facility is presently capped at $3.5 million and is secured by accounts receivable. Tranzeo has received a preliminary commitment from its lender to increase the size of the credit facility to $6.5 million to accommodate future anticipated growth in Tranzeo's accounts receivable base resulting from increased purchase orders from strategic international customers. Tranzeo plans to use the credit facility to fund inventory purchases to meet new purchase orders. In addition, Tranzeo is also able to leverage letters of credit received in connection with sales to Indonesia and other international customers with its bank to further fund additional inventory purchases. Tranzeo also obtains insurance issued
http://www.marketwire.com/mw/release.do?id=1339931&sourceType=3
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