Nortech Systems and Bank of America Merrill Lynch Announce New Commercial Banking Agreement
June 15 2017 - 4:10PM
Business Wire
Supports Corporate Initiatives and Growth
Strategies
Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider
of full-service electronics manufacturing services (EMS), today
announced it has closed a new credit facility of up to $21 million
with Bank of America Merrill Lynch with an additional $20 million
accordion feature.
“This important agreement is an endorsement of the corporate
strategies we outlined at last month’s annual shareholder meeting,”
said Rich Wasielewski, Nortech Systems’ president and CEO. “As we
have expanded globally to serve larger multinational customers, we
are pleased to be working with a world leader like Bank of America
Merrill Lynch. They are well-qualified to serve our financial needs
through their U.S. and international treasury services.”
Aided by this new agreement, Nortech’s initiatives to increase
shareholder value include: further penetrating the higher-growth
medical market with enhanced engineering services; transforming
core contract manufacturing business by earlier engagement with
customers and efficient process management; and funding investments
in automation and intellectual property. Additional features of the
new line of credit include lower costs and the ability to utilize
the accordion feature to expand the credit facility, subject to
further conditions, to fund research and development activities and
potential strategic acquisitions.
“We’re committed to helping our customers succeed by providing
competitive solutions through our highly skilled personnel and
specialized engineering resources,” concludes Wasielewski. “We look
forward to the guidance and support Bank of America Merrill Lynch
will provide to help us grow Nortech for the benefit of our
shareholders, employees and customers.”
About Nortech Systems
IncorporatedNortech Systems Incorporated
(www.nortechsys.com), based in Maple Grove, Minn., is a
full-service electronics manufacturing services (EMS) provider of
wire and cable assemblies, printed circuit board assemblies, and
higher-level complete box build assemblies for a wide range of
industries. Markets served include medical, industrial and
aerospace/defense. The company has operations in the U.S., Latin
America and Asia. Nortech Systems Incorporated is traded on the
NASDAQ Stock Market under the symbol NSYS.
Forward-Looking
StatementsThis press release contains forward-looking
statements made pursuant to the safe harbor provision of the
Private Securities Litigation Reform Act of 1995. While this
release is based on management’s best judgment and current
expectations, actual results may differ and involve a number of
risks and uncertainties. Important factors that could cause actual
results to differ materially from the forward-looking statements
include, without limitation: volatility in market conditions which
may affect market supply of and demand for the company’s products;
increased competition; changes in the reliability and efficiency of
operating facilities or those of third parties; risks related to
availability of labor; commodity and energy cost instability;
general economic, financial and business conditions that could
affect the company’s financial condition and results of operations;
as well as risk factors listed from time to time in the company’s
filings with the SEC.
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version on businesswire.com: http://www.businesswire.com/news/home/20170615006214/en/
Nortech Systems IncorporatedPaula Graff, 952-345-2244orBrookside
Communications GroupWarren Djerf,
952-920-3908warren@brookcomm.net
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