PITTSBURGH, Sept. 1, 2011 /PRNewswire/ --
Mastech Holdings, Inc. (NYSE Amex: MHH), a national provider of
information technology and specialized healthcare staffing
services, announced today that the Company has amended its loan
agreement with PNC Bank. Under the amended credit facility,
the maximum borrowing amount will increase to $19 million from $10
million. The amended credit facility will expire on
August 31, 2014.
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The amended credit facility is comprised of a $15 million revolving credit loan, to be used for
general corporate purposes, and a $4
million delayed draw term loan, to be used to facilitate
acquisitions.
Thomas Moran, Chief Executive
Officer of Mastech, stated, "I'm pleased to announce the
continuation of our long-standing relationship with PNC Bank as a
valued business partner of Mastech. Throughout our
relationship, PNC Bank has demonstrated a keen understanding of our
business objectives and a willingness to provide us with a credit
facility to accommodate our business needs."
Commenting on the transaction, Jack
Cronin, Chief Financial Officer, stated, "This amended
facility gives us added financial flexibility to invest in our
business, both organically and through strategic acquisitions, in
efforts to strengthen our business model and accelerate our growth
trajectory."
About Mastech Holdings, Inc.:
Leveraging the power of over 20 years of
IT experience, Mastech (NYSE Amex:
MHH) provides Information Technology Staffing services in
the disciplines which drive today's business operations
and Specialized Healthcare Staffing services to hospitals and other
healthcare facilities. More information about Mastech can be
found at Mastech's website: www.mastech.com.
Forward-Looking Statements:
Certain statements contained in this release are forward-looking
statements based on management's expectations, estimates,
projections and assumptions. Words such as "expects,"
"anticipates," "plans," "believes," "scheduled," "estimates" and
variations of these words and similar expressions are intended to
identify forward-looking statements, which include but are not
limited to projections of revenues, earnings, and cash flow.
These statements are based on information currently available
to the Company and it assumes no obligation to update the
forward-looking statements as circumstances change. These
statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results and trends may differ materially
from what is forecast in forward-looking statements due to a
variety of factors, including, without limitation, the level of
market demand for its services, the highly competitive market for
the types of services offered by the company, the impact of
competitive factors on profit margins, market conditions that could
cause the Company's customers to reduce their spending for its
services, and the company's ability to create, acquire and build
new lines of business, to attract and retain qualified personnel,
reduce costs and conserve cash, and other risks that are described
in more detail in the company's filings with the Securities and
Exchange Commission including its Form 10-K for the year ended
December 31, 2010.
SOURCE Mastech Holdings, Inc.