IRVINE, Calif., March 30, 2020 /PRNewswire/ -- CalAmp
(Nasdaq: CAMP), a global technology solutions pioneer transforming
the mobile connected economy, today announced that it amended its
existing $50 million credit facility
with J.P. Morgan originally entered into on March 30, 2018. The new amendment extends the
maturity of the credit facility by two years, among other
changes.
"Over the past few years, we increased our operating cash flow
and have demonstrated CalAmp's ability to reduce its debt balance
when circumstances warrant," commented Jeff
Gardner, interim president and CEO of CalAmp. "CalAmp is
operating from a position of strength with increased global scale
and a strong balance sheet, including approximately $100 million of available cash. This amendment
affords us the financial flexibility to manage our working capital
resources, while also further advancing our strategic
transformation to a global SaaS solutions provider."
"Our solid financial performance over these past two years
afforded us the opportunity to amend our credit facility even
amidst the uncertainty created by the coronavirus pandemic," said
Kurt Binder, executive vice
president and CFO. "We are extremely pleased with the flexibility
and support from our bank, J.P. Morgan."
Additional details regarding the amendment are set forth in the
Company's Current Report on Form 8-K, filed with
the Securities and Exchange Commission on March 30,
2020.
About CalAmp
CalAmp (Nasdaq: CAMP) is a global technology solutions pioneer
transforming the mobile connected economy. We help reinvent
business and improve lives around the globe with technology
solutions that streamline complex mobile IoT deployments and bring
intelligence to the edge. Our software and subscription-based
services, scalable cloud platform and intelligent devices collect
and assess business-critical data from mobile assets and their
contents. We call this The New How, facilitating efficient decision
making, optimizing mobile asset utilization and improving road
safety. Headquartered in Irvine,
California, CalAmp has been publicly traded since 1983 and
has 20 million products installed and over 1.3 million software and
services
subscribers
worldwide. LoJack®, Tracker™ and Here
Comes The Bus® are CalAmp brands. For more
information, visit calamp.com,
or LinkedIn, Facebook, Twitter, YouTube or CalAmp
Blog.
CalAmp, LoJack, TRACKER, Here Comes The Bus and associated
logos are among the trademarks of CalAmp and/or its affiliates in
the United States, certain other
countries and/or the EU. Any other trademarks or trade names
mentioned are the property of their respective owners.
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SOURCE CalAmp