Bogen Communications International subsidiary secures new line of credit.RAMSEY, N.J.--(BUSINESS WIRE)--Feb. 12, 1997-- Highly favorable terms to generate significant savings Bogen Communications International Inc.'s (AMEX AMEX See: American Stock Exchange : BGN BGN In currencies, this is the abbreviation for the Bulgarian Lev. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) subsidiary, Bogen Communications Inc., announced today that it had secured a $7 million line of credit at highly favorable terms which would result in significant savings in 1997 and beyond. The new line of credit with Summit Bank, the largest commercial bank in New Jersey, replaces its current line of credit with CIT, which had higher interest rates and annual commitment charges. Bogen expects to save a minimum of $100,000 annually. Yoav M. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , chief financial officer commented, "Bogen's ability to refinance its line of credit under such favorable terms clearly underscores the truly successful turnaround that management has been able to effect at Bogen over the past year. Summit Bank's confidence in Bogen's future success is extremely gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. . Most importantly, these funds will help allow Bogen to implement the next level of our strategic plans." Bogen Communications Inc., a subsidiary of Bogen Communications International Inc., based in Ramsey, develops, manufactures and markets telecommunications peripherals and sound processing equipment. Its major shareholder is GEOTEK Communications Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : GOTK) an international wireless telecommunications company. Bogen products are sold to commercial, industrial, professional and institutional customers worldwide. CONTACT: Bogen Communications International Inc. Yoav M. Cohen, 201/934-8500 or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Joseph A. Mansi/Paul Holm 212/682-6300 ext. 205/201 |
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