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Jan. 6, 2011 /PRNewswire/ -- MAM Software Group, Inc. (OTC Bulletin Board: MAMS), (the "Company" or "MAM"), a leading provider of business automation and ecommerce solutions for the automotive aftermarket, announced today that effective
December 31, 2010, the Company has prepaid the 7% note issued
April 2010. The balance of the obligation was settled for
$670,000 and the Company recorded a gain on the settlement of approximately
Commenting on the prepayment, MAM's CEO,
Michael Jamieson, said, "During the past several months, the Company has been able to increase revenues, profits and cash flow and in October raised
$3.3 million of new equity and secured a 3.4% term loan for
$2 million." Jamieson further commented "this prepayment represents a prudent opportunity to use a portion of the Company's cash position. In addition to recording a gain, on the prepayment, the Company also will avoid interest payments of approximately
$25,000 in this fiscal year and
$28,000 in the following year. As we move into calendar year 2011, we are pleased to be able to do so with a strong balance sheet, devoid of these legacy liabilities. We are now squarely in a position to focus 100% of our efforts on running and growing our business."
About MAM Software Group, Inc.
MAM Software Group, Inc. (OTC Bulletin Board: MAMS) is a supplier of business and ERP supply chain management solutions to automotive parts manufacturers, distributors and retailers. MAM Software Group provides the automotive aftermarket with a combination of business management systems, information products, and online services that together deliver benefits for all parties involved in the timely repair of a vehicle. For further information, please visit
This press release contains forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the company's business including, increased competition; the ability of the company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions; and other risks detailed time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE MAM Software Group, Inc.