BEIJING, March 14, 2013 /PRNewswire-FirstCall/ -- Tri-Tech
Holding Inc. (Nasdaq: TRIT), which provides turn-key water
resources management, water and wastewater treatment, industrial
safety and pollution control solutions, announced today that its
subsidiary Tri-Tech Infrastructure LLC ("Tri-Tech U.S.") has
entered into a $3.5 million revolving
credit facility with BMO Harris Bank in Chicago.
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Approximately $2 million of the
line of credit has been earmarked for export-import working capital
needs to allow Tri-Tech U.S. to bid for foreign projects. This
portion is guaranteed by the Export-Import Bank. The remaining
$1.5 million, guaranteed by Tri-Tech
Holding Inc., will be used to issue Standby Letters of Credit. The
revolving line of credit has a term of one year based on the
percentage of eligible export-related inventory and foreign
receivables. The transaction closed on January 31, 2013. The revolving line of credit
expires within 12 months from date of funding with prime-based
variable interests rates. Under the line of credit, Tri-Tech U.S.
will be tested annually by BMO Harris Bank to confirm a minimum
debt service coverage ratio of 1.25.
Mr. Phil Fan, Tri-Tech Holding
Inc. CFO, commented, "We are pleased to have access to this secured
revolving line of credit from BMO Harris Bank. The line of credit
is structured to provide significant credit availability for our
oversea business over the short term. We believe this facility will
provide sufficient liquidity to support the awards and execution of
our recent bids and contracts. In addition to strengthening our
balance sheet, this new credit facility will provide us with
additional financial flexibility as we continue to pursue our
growth strategies in overseas markets."
About BMO Harris Bank
Based in Chicago, BMO Harris
Bank N.A. provides a broad range of personal banking products and
solutions through over 600 branches and approximately 1,300 ATMs in
Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking
team provides a combination of sector expertise, local knowledge
and mid-market focus throughout the U.S. Deposit and loan products
and services provided by BMO Harris Bank N.A. Member FDIC. BMO
Harris BankSM is a trade name used by BMO Harris Bank
N.A. BMO Harris Bank is part of BMO Financial Group, a North
American financial organization with 1,600 branches, and a retail
deposit base of approximately $180
billion.
About Tri-Tech Holding Inc.
Tri-Tech is an innovative provider of consulting, engineering,
procurement, construction and technical services. The Company
supports government, state owned entities and commercial clients by
providing efficiency oriented solutions focused on treatment of
water and waste water, management of water resources and
water-efficient irrigation, as well as industrial emission and
safety controls. With software copyrights, product patents, and
capable employees in China, the U.S. and India, Tri-Tech's
capabilities span the cycle of innovation. Please visit
www.tri-tech.cn for more information.
An online investor kit including a company profile,
presentations, press releases, current price quotes, stock charts
and other valuable information for investors is available at
www.tri-tech.cn/ir. To subscribe to future releases via e-mail
alert, visit www.tri-tech.cn/ir/info/request.
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include references to the line of credit
and transactions referenced herein and other statements concerning
plans, objectives, goals, strategies, future events such as project
payments, results of marketing efforts or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulation, and other risks contained in reports filed by the
company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the company, are expressly qualified by the
cautionary statements and any other cautionary statements which may
accompany the forward-looking statements. In addition, the company
disclaims any obligation to update any forward-looking statements
to reflect events or circumstances after the date hereof.
Tri-Tech Holding Inc.
www.tri-tech.cn
IR Department
+86 10 57323666
ir@tri-tech.cn
SOURCE Tri-Tech Holding Inc.