Numerex Announces New Debt Financing From Hale Capital Partners
08 Junio 2017 - 7:30AM
Numerex Corp (NASDAQ:NMRX), a leading provider of enterprise
solutions enabling the Internet of Things (IoT), today announced
that it recently closed a $13.5 million note purchase agreement
with Hale Capital Partners (“HCP”), an independent commercial
investment company. Hale Capital will become Numerex’s new primary
financing partner. A portion of the proceeds from the sale of
the note will be used to retire the debt previously financed by
Crystal Financial.
Martin Hale, Jr., CEO of HCP, commented, “We are excited to be
working with a company like Numerex. They have a unique
portfolio of IoT enterprise solutions that offer deep insight into
key, select underserved vertical markets that have yet to be fully
penetrated. Additionally, Numerex’s comprehensive IoT
platform allows differentiation through an end-to-end approach
which incorporates device, network, application and platform,
allowing their customers to solve very complex business
challenges. We look forward to a long-term partnership with
Numerex.”
Ken Gayron, Interim CEO and CFO of Numerex, added, “Numerex is
very pleased to be working with a quality financial institution
like Hale Capital. This new financing agreement provides
Numerex with cost-effective and flexible capital to support our
business model. Additionally, the new facility reduces our cash
interest expense in the near term, extends the maturity date under
the primary credit facility from 2020 to 2021, and removes some of
the more onerous restrictions from the prior loan, all of which
should help Numerex focus on organic execution and
growth.”
About Numerex
Numerex Corp. (NASDAQ:NMRX) is a leading
provider of managed enterprise solutions enabling the Internet of
Things (IoT). The Company's solutions produce new revenue
streams or create operating efficiencies for its customers. Numerex
provides its technology and services through its integrated
platforms, which are generally sold on a subscription basis. The
Company offers a portfolio of managed end-to-end IoT solutions
including smart devices, network connectivity and service
applications capable of addressing the needs of a wide spectrum of
vertical markets and industrial customers. The Company's mission is
to empower enterprise operations with world-class, managed IoT
solutions that are simple, innovative, scalable, and secure. For
additional information, please visit www.numerex.com.
About Hale Capital Partners
HCP partners with talented entrepreneurs to
achieve remarkable corporate transformations. Whether providing
equity or debt in control or non-control situations, we serve as
stewards for the ideas of extraordinary leaders as they seek to
accelerate growth in public companies, divestitures, special
situations and other lower middle market companies. Founded
in 2007, HCP’s roadmap to success centers on a program of
transformation—financial, cultural, and operational—developed from
extensive academic work and two decades of investment expertise.
This critical intellectual property helps our companies evolve,
grow, and compete in an ever-shifting marketplace.
Numerex Investor Relations Contact:
Kenneth Gayron
kgayron@numerex.com
Interim CEO and CFO
(770) 615-1410
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