B.O.S Secures Bank Financing for the Acquisition of Imdecol Ltd.
April 22 2019 - 8:30AM
B.O.S Better Online Solutions Ltd. ("BOS" or the "Company")
(NASDAQ: BOSC), a leading Israeli provider of RFID and Mobile
solutions and a global provider of Supply Chain solutions to
enterprises, announced today that it has received a principal
approval from the First International Bank of Israel to finance the
acquisition of the assets Imdecol Ltd.
The bank approval is for a five year loan in the
principal amount of $712,000, bearing annual interest of 3.5%
(Prime plus 1.75%) and repayable monthly. In addition, the bank
approved a revolving credit line in the amount of $1,350,000, for
working capital purposes.
Eyal Cohen, BOS' Co-CEO & CFO, stated, "With
this bank approval we have the required financial resources to
acquire the Imdecol assets, scheduled to close by June, 1
2019."
Imdecol is a global integrator and manufacturer of automatic and
robotic systems that enhances the productivity of production
lines. Through the integration of Imdecol, BOS will
significantly expand its offerings to existing and new worldwide
customers.
About BOS
B.O.S. Better Online Solutions Ltd. (BOSC) is a
leading Israeli provider of RFID and Mobile solutions and a global
provider of Supply Chain solutions to enterprises. BOS' RFID and
Mobile division offers both turnkey integration services as well as
stand-alone products, including best-of-breed RFID and AIDC
hardware and communications equipment, BOS middleware and
industry-specific software applications. The Company's Supply Chain
division provides electronic components consolidation services to
the aerospace, defense, medical and telecommunications industries
as well as to enterprise customers worldwide. For more information,
please visit: www.boscorporate.com.
For more information:
International John
Nesbett/Jennifer Belodeau IMS Investor Relations (203)
972-9200 jnesbett@institutionalms.com |
|
Company Contact Eyal Cohen,
Co-CEO &
CFOBOS+972-542525925eyalc@boscom.com |
Safe Harbor Regarding Forward-Looking
Statements
The forward-looking statements contained herein
reflect management's current views with respect to future events
and financial performance. These forward-looking statements are
subject to certain risks and uncertainties that could cause the
actual results to differ materially from those in the
forward-looking statements, all of which are difficult to predict
and many of which are beyond the control of BOS. These risk
factors and uncertainties include, amongst others, the dependency
of sales being generated from one or few major customers, the
uncertainty of BOS being able to maintain current gross profit
margins, inability to keep up or ahead of technology and to succeed
in a highly competitive industry, inability to maintain marketing
and distribution arrangements and to expand our overseas markets,
uncertainty with respect to the prospects of legal claims against
BOS, the effect of exchange rate fluctuations, general worldwide
economic conditions and continued availability of financing for
working capital purposes and to refinance outstanding indebtedness;
risks associated with completing and successfully integrating an
acquisition with BOS’s existing business; and additional risks and
uncertainties detailed in BOS' periodic reports and registration
statements filed with the U.S. Securities and Exchange Commission.
BOS undertakes no obligation to publicly update or revise any such
forward-looking statements to reflect any change in its
expectations or in events, conditions or circumstances on which any
such statements may be based, or that may affect the likelihood
that actual results will differ from those set forth in the
forward-looking statements.
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