Printer Friendly

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
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 30, 1992
Words:221
Previous Article:SOUTHERN COMPANY ANNOUNCES EARNINGS
Next Article:ROADMASTER HEADS FOR RECORD YEAR
Topics:


Related Articles
NATIONAL TECHTEAM ANNOUNCES NEW CREDIT AGREEMENT WITH NBD BANK, N.A.
EXECUTIVE APPOINTMENTS AT NBD BANCORP
JACOBSON'S SECURES LONG-TERM FINANCING
NBD JOINS MAGIC LINE TO FORM SUPERREGIONAL ATM NETWORK
MR. COFFEE ELIMINATES HIGH-RATE DEBTWITH PROCEEDS FROM NEW CREDIT AGREEMENT
NATIONAL TECHTEAM, INC. ANNOUNCES NEW CREDIT AGREEMENT TERMS WITH NBD BANK, N.A.
OIS ANNOUNCES $40 MILLION FINANCING
NATIONAL TECHTEAM, INC. ANNOUNCES NEW CREDIT ARRANGEMENT TERMS WITH NBD BANK, N.A.
NATIONAL TECHTEAM ANNOUNCES SOFTWARE TRAINING AGREEMENT WITH NBD BANCORP
National TechTeam Announces Software Training Agreement With First Chicago NBD Corporation

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters