Nortech Systems Completes Amendment to Financing Agreement
Nortech Systems Incorporated (NASDAQ: NSYS) announced today that it has
amended its financing agreement with Wells Fargo Bank, N.A. and its
Business Credit operating division.
This first amendment to the third amended and restated credit and
security agreement will provide Nortech Systems with a $13.5 million
line of credit through May 31, 2013, a new $475,000 equipment term loan
tied to equipment purchased in the recent acquisition announced Jan. 3
and a new term loan of up to $1.0 million for capital expenditures in
the 2011 fiscal year.
"This new and amended financing supports our recent acquisition, along
with future growth opportunities,” said Richard Wasielewski, chief
financial officer of Nortech Systems. “We appreciate our long-term
partnership with Wells Fargo Bank and their support in meeting our
About Nortech Systems Incorporated Nortech
Systems Incorporated (www.nortechsys.com),
based in Wayzata, Minn., is a full-service electronics manufacturing
services (EMS) provider of wire and cable assemblies, printed circuit
board assemblies, and higher-level complete box build assemblies for a
wide range of industries. Markets served include industrial equipment,
aerospace/defense and medical. The company has manufacturing
capabilities and operating partners in the U.S., Asia and Latin America.
Nortech Systems Incorporated is traded on the NASDAQ Stock Market under
the symbol NSYS.
Forward-Looking Statements This
press release contains forward-looking statements made pursuant to the
safe harbor provision of the Private Securities Litigation Reform Act of
1995. While this release is based on management’s best judgment and
current expectations, actual results may differ and involve a number of
risks and uncertainties. Important factors that could cause actual
results to differ materially from the forward-looking statements
include, without limitation: volatility in market conditions which may
affect market supply of and demand for the company’s products; increased
competition; changes in the reliability and efficiency of operating
facilities or those of third parties; risks related to availability of
labor; commodity and energy cost instability; general economic,
financial and business conditions that could affect the company’s
financial condition and results of operations; as well as risk factors
listed from time to time in the company’s filings with the SEC.
Nortech Systems Incorporated Richard Wasielewski 952-345-2244 or Brookside
Communications Group Warren Djerf 952-920-3908 or email@example.com