Redknee Secures US $10 Million Credit Facility to Fund Growth |
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By: Redknee Posted: 2008-09-03 01:29:34 |
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Redknee (AIM: RKN), a leading provider of mission-critical billing and charging software and solutions for communications service providers, is pleased to announce that it has negotiated a new US $10 Million credit facility ("the facility").
The new facility will primarily underpin selective bolt-on acquisition targets while providing additional working capital to support a number of Redknee's international organic growth initiatives. The facility has been provided by Export Development Canada ("EDC"), Canada's export credit agency, which provides innovative financing, insurance and bonding solutions to Canadian companies that export goods and services or invest in other countries. Lucas Skoczkowski, CEO of Redknee states: "We are delighted to have secured this additional funding at a time when the international credit markets are in turmoil. I believe today's announcement is testament to our robust businesses model, blue chip client base and growing footprint in the fast paced emerging markets of Africa, the Middle East and Asia. With 85% of new wireless subscribers coming from high-growth markets, and over 90% of Redknee's revenues originating from outside of Canada, Redknee is well positioned to deliver growth in the global telecom space." EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by nearly 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, is a recognized leader in financial reporting and economic analysis, and has been named one of Canada's Top 100 Employers for seven consecutive years. "Redknee is a great example of a Canadian exporting company, and EDC is pleased to facilitate their future investments into opportunity rich emerging markets," said Eric Siegel, CEO of EDC. "Canadian exporters like Redknee are well positioned to take advantage of significant communication spending in markets like Africa and the Middle East, and the strong yearly increase in EDC's emerging market business volumes reflect that trend." About Redknee: Redknee is a leading global provider of innovative communication software products, solutions and services. Redknee's award-winning solutions enable operators to monetize the lifetime value of each subscriber transaction while personalizing the subscriber experience to meet mainstream, niche and individual market segment requirements. Redknee's revenue generating solutions provide advanced converged billing, rating, charging and policy for voice, messaging and new generation data services to over 60 network operators in over 50 countries. Established in 1999, Redknee Solutions Inc.(RKN : AIM) is the parent of the wholly-owned operating subsidiary Redknee Inc. and its various subsidiaries. References to Redknee refer to the combined operations of those entities. For more information, visit http://www.redknee.com/. |
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