Business Wire, July 28, 2010
WOBURN, Mass. — MicroFinancial Incorporated (NASDAQ: MFI) a financial intermediary
specializing in vendor-based leasing and finance programs for
micro-ticket transactions, announced that its operating subsidiary,
TimePayment Corp., has increased its revolving credit facility from $85
to $100 million and has extended the term for an additional three years.
The loan agreement allows the Company to borrow up to $100 million
against eligible lease receivables subject to a borrowing base
calculation. In addition, the company was also able to obtain more
favorable terms under the revised credit facility.
Richard Latour, President and Chief Executive Officer said, Our ability
to increase our line of credit in this challenging economic environment
demonstrates the solid relationships we have developed with our
financing partners and a continued confidence in our Company. We are
pleased to have increased our credit facility under more favorable terms
and conditions which, when combined with our strong cash flow from
operations, will allow us to continue to provide our customers with the
financial services they need to grow their business.
About MicroFinancial
MicroFinancial Inc. (NASDAQ: MFI), is a financial intermediary
specializing in microticket leasing and financing. MicroFinancial has
been operating since 1986, and is headquartered in Woburn, Massachusetts.
Statements in this release that are not historical facts, including
statements about future dividends, growth plans, or future changes to
the line of credit are forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. In addition, words such as “believes,” “anticipates,”
“expects,” “views, will and similar expressions are intended to
identify forward-looking statements. We caution that a number of
important factors could cause our actual results to differ materially
from those expressed in any forward-looking statements made by us or on
our behalf. Readers should not place undue reliance on forward-looking
statements, which reflect our views only as of the date hereof. We
undertake no obligation to publicly revise these forward-looking
statements to reflect subsequent events or circumstances. We cannot
assure that we will be able to anticipate or respond timely to changes
which could adversely affect our operating results. Results of
operations in any past period should not be considered indicative of
results to be expected in future periods. Fluctuations in operating
results or other factors may result in fluctuations in the price of our
common stock
lease extension surrey