Radiant Logistics Secures $20.0 Million Credit Facility With Bank Of America
BELLEVUE, Wash., March 29 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board: RLGT), a domestic and international freight forwarding and logistics services company, today reported that it had amended and extended its secured credit facility with Bank of America, N.A. (the "Facility"). The Facility has been extended to March 31, 2012. As amended and including availability for Company letters of credit, the Facility has been increased from $15 million to $20 million. In addition, the Company's financial covenants have been modified to increase allowable advances from 3.25x to 4.0x the Company's consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) as measured on a rolling four quarter basis. Advances under the Facility are available to fund future acquisitions, capital expenditures or for other corporate purposes, including the repurchase of the Company's stock. The Facility is collateralized by accounts receivable and other assets of the Company and its subsidiaries and provides for advances of up to 80% of eligible domestic accounts receivable and for advances of up to 60% of eligible foreign accounts receivable.
"Even in what most would agree is a tough business climate, we continue to enjoy access to the capital markets to support our growth," said Bohn Crain, Chairman and CEO. "We believe this sets us apart in today's marketplace. Through our partnership with Bank of America, who has the financial strength and global reach to support our expanding network, we believe we are well positioned to capture the opportunity before us. Our strategy remains unchanged. We will continue to deliver profitable growth by bringing value to the agent-based forwarder community, executing our three-prong strategy of first, providing continuous improvement to our existing network participants in terms of technology, buy rates and enhanced service offerings; second, building upon the success of our organic growth initiative by on-boarding additional agent stations; and third, opportunistically pursuing acquisition opportunities."
About Radiant Logistics (OTC BB: RLGT)
Radiant Logistics ( www.radiant-logistics.com) is a non-asset based logistics company providing domestic and international freight forwarding and related services through a network of approximately 70 company owned and exclusive agent offices across North America. Operating under the Airgroup, Adcom Worldwide and Radiant Logistics brands, the company services a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world. For more information about Radiant Logistics, please contact Bohn Crain at (425) 943-4599.This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future operating performance, events, trends and plans. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding the our future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ from our expectations, include but are not limited to, our ability to : retain and build upon the relationships we have with our exclusive agency offices; continue the development of our back office infrastructure and transportation and accounting systems in a manner sufficient to service our expanding revenues and base of exclusive agency locations, continue growing our business and maintain historical or increased gross profit margins; locate suitable acquisition opportunities; secure the financing necessary to complete any acquisition opportunities we locate; assess and respond to competitive practices in the industries in which we compete, mitigate, to the best extent possible, our dependence on current management and certain of our larger exclusive agency locations; assess and respond to the impact of current and future laws and governmental regulations affecting the transportation industry in general and our operations in particular; as well as those risk factors disclosed in Item 1A of our Report on Form 10-K for the year ended June 30, 2009 and other filings with the Securities and Exchange Commission and other public documents and press releases which can be found on our web-site ( www.radiant-logistics.com). Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances occurring after the date hereof. SOURCE Radiant Logistics, Inc.
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