NATIONAL TECHTEAM, INC. ANNOUNCES NEW CREDIT AGREEMENT TERMS WITH NBD BANK, N.A.
DEARBORN, Mich., Dec. 30 /PRNewswire/ -- National TechTeam, Inc. (NASDAQ: TEAM) today announced it has renewed its line-of-credit agreement with NBD Bank, N.A., headquartered in Detroit. The new credit agreement increased the maximum allowable borrowing amount from $1,500,000 to $2 million, calculated based upon a percentage of eligible accounts receivables. The agreement reduced the annual interest rate from 1.5 percent over the prime rate to 1.0 percent over the prime rate, and expires on April 30, 1993. The new credit agreement was made possible due to continued improvements in the operating earnings of the company. Increased efficiency in operations, along with the development of new and substantial business opportunities, are helping to position National TechTeam, Inc. as an outstanding growth company in both Michigan and North America. TechTeam currently is a leading provider of computer training, support, networking services, and on-site contract staffing of technical personnel to major corporations. National TechTeam, Inc., a public company since 1987, is headquartered in Dearborn and is traded on NASDAQ under the symbol "TEAM." -0- 12/30/92 /CONTACT: William F. Coyro Jr., chief executive officer, or Douglas Howard, chief financial officer, National TechTeam, Inc., 313-277-2277/ (TEAM NBD)
CO: National TechTeam, Inc.; NBD Bank, N.A. ST: Michigan IN: CPR SU: FNC
JG -- DE003 -- 0547 12/30/92 10:04 EST
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|Date:||Dec 30, 1992|
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