Datatec Systems Receives Extension to Senior Credit Facility.Business Editors FAIRFIELD, N.J.--(BUSINESS WIRE)--April 11, 2003 Datatec Systems, Inc. (Nasdaq: DATC DATC Davis Applied Technology College (Kaysville, Utah) DATC Days After Test Completion DATC Deferred Adverse Tax Consequence DATC Direct Assistance & Training Command DATC Director of Air Traffic Control ), a leading provider of technology deployment services and software tools, today announced that it has reached an agreement effective April 14, 2003 with its senior lender to extend the term of its current credit facility to August 1, 2004. Datatec's current credit facility was due to expire in August 2003. Pursuant to an amendment to the credit facility, the maximum available under the facility will become $29 Million until May 31, 2003; $25 Million until December 31, 2003; $20 Million until March 31, 2004; and $15 Million until August 1, 2004. Effective May 1, 2003, the interest charges on the credit facility have been reduced from prime rate plus 4.25%, to prime rate plus 1.75%. In addition, certain finance charges, fees and financial covenants have been amended. This press release is a summary of the credit facility amendment and does not purport To convey, imply, or profess; to have an appearance or effect. The purport of an instrument generally refers to its facial appearance or import, as distinguished from the tenor of an instrument, which means an exact copy or duplicate. PURPORT, pleading. to be complete and is qualified in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. to the full text of the amendment that will be filed as an exhibit to the Company's Current Report of Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. . About Datatec Systems, Inc. Fairfield, NJ-based Datatec Systems specializes in the rapid, large-scale market absorption of networking technologies. Datatec's deployment services utilize a software-enabled implementation model to configure See configuration. (software) configure - A program by Richard Stallman to discover properties of the current platform and to set up make to compile and install gcc. Cygnus configure was a similar system developed by K. , integrate and roll out new technology solutions using a "best practices" structured process. Its customers include Fortune 1000 companies and world-class technology providers. Datatec stock is listed on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (DATC). For more information, visit http://www.datatec.com/ This Press Release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties that may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements as more fully discussed in Datatec's filings with the Securities and Exchange Commission. |
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