NATIONAL TECHTEAM ANNOUNCES NEW CREDIT AGREEMENT WITH NBD BANK, N.A.
NATIONAL TECHTEAM ANNOUNCES NEW CREDIT AGREEMENT WITH NBD BANK, N.A. DEARBORN, Mich., April 29 /PRNewswire/ -- National TechTeam, Inc. (NASDAQ: TEAM) today announced the signing of a line-of-credit agreement with NBD Bank, N.A., headquartered in Detroit. The credit agreement provides for short-term borrowings of up to $1,500,000, calculated based on a percentage of eligible account receivables. The agreement carries an interest rate of 1.5 percent over the prime rate and expires on Oct. 31, 1992. The agreement replaces a $750,000 credit agreement maintained at a local bank which carried an interest rate of 1.75 percent over the prime rate. In addition, TechTeam received approval from NBD for an additional installment line of credit of $250,000 for future office expansion purposes. 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 and on-site contract staffing of technical personnel for major corporations. Chief Financial Officer Douglas Howard stated, "This new agreement doubles our available credit resources and will allow TechTeam to finance its continued sales growth. TechTeam will also be able to reduce finance costs by using NBD's cash management and investment services." -0- 4/29/92 /CONTACT: William F. Coyro Jr., president and CEO, or Douglas C. Howard, chief financial officer, National TechTeam, Inc., 313-277-2277/ (TEAM NBD) CO: National TechTeam, Inc.; NBD Bank, N.A. ST: Michigan IN: CPR FIN SU: FNC
JG -- DE013 -- 4249 04/29/92 10:03 EDT
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|Date:||Apr 29, 1992|
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