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DecisionPoint Systems Announces New Credit Facility With Union Bank And CapitalSource Business Financial GroupIRVINE, Calif., Aug. 22, 2016 /PRNewswire/ -- DecisionPoint Systems, a leading provider and integrator of Enterprise Mobility and Internet of Things (IoT) solutions, announced today that it has signed new commercial banking relationships with Union Bank combined with CapitalSource Business Financial Group, as the Company's primary line-of-credit lender. The new relationships replace the Company's previous commercial banker and primary lender, where the line-of-credit has been fully repaid and closed. DecisionPoint now has a three-year revolving line-of-credit of $6 million, at an interest rate of 1.25 points over the Prime Rate, a full 200 basis points lower than the former lender's rate. Total fees with Union Bank and CapitalSource are significantly lower than the fees charged by the Company's previous lender, adding to the savings. The line-of-credit is secured by substantially all of DecisionPoint's assets, similar to the previous lender relationship. CEO Steve Smith commented, "Today's DecisionPoint is ready to grow again. We are leaner through continued efforts to reduce operational and financial expenditures. We have become more focused by divesting non-core operations that were negatively affecting cash flows. Our innovative solutions enable front line workers in retail, transportation, warehousing and other industrial segments to be in constant communication with the information they need, when and where they need it. We offer a full range of wireless, mobility and RFID technologies and products to meet our customers' diverse needs. The new relationships with Union Bank and CapitalSource will further enhance our ability to increase income, acquire new customers and better serve our existing customer base." About CapitalSource Business Financial Group About MUFG Union Bank About DecisionPoint™ Systems, Inc. For more information about DecisionPoint Systems, Inc., visit www.decisionpt.com. Forward-Looking Statements Except for historical information contained herein, the statements in this communication may include forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievements in the future to differ materially from forecasted results, performance and achievements. DecisionPoint undertakes no obligation to publicly release the results of any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in its plans or expectations. Contacts: DecisionPoint™ Systems, Inc. DresnerAllenCaron
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/decisionpoint-systems-announces-new-credit-facility-with-union-bank-and-capitalsource-business-financial-group-300316576.html SOURCE DecisionPoint Systems, Inc. |