NATIONAL TECHTEAM, INC. ANNOUNCES NEW CREDIT AGREEMENT TERMS WITH NBD BANK, N.A.
DEARBORN, Mich., June 3 /PRNewswire/ -- National TechTeam (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 $2 million to $2.5 million, calculated based upon a percentage of eligible accounts receivable. The agreement reduced the annual interest rate from 1.0 percent over the prime rate to 0.75 percent over the prime rate, and expires on Oct. 31, 1993. The new credit agreement can be attributed to greatly improved 1992 operating earnings and record first-quarter 1993 earnings. TechTeam continues to solidify its position as a leading provider of computer training, support, networking services, and on-site contract staffing of personnel. TechTeam has also completed its recent management reorganization. Valerie Niemiec and Brian Niemiec have been promoted to senior vice presidents and are now part of the newly created Office of the President, and will report directly to William F. Coyro Jr., chief executive officer. They will assume many of the functions formerly performed by Ronald Laubert and Douglas Howard, former president and CFO, respectively, who are no longer with the company. National TechTeam, Inc. is headquartered in Dearborn and has been a public company since 1987. The company provides quality computer training, support, contract staffing and corporate management services for major companies on a national scale. National TechTeam is traded on NASDAQ under the symbol TEAM. -0- 6/3/93 /CONTACT: William F. Coyro Jr., chief executive officer, National TechTeam, 313-277-2277/ (TEAM)
CO: National TechTeam, Inc. ST: Michigan IN: CPR SU: FNC
DH -- DE002 -- 4805 06/03/93 09:07 EDT
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|Date:||Jun 3, 1993|
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