Brookside Technology Completes New Financing and Loan Restructuring
April 19 2010 - 10:31AM
Marketwired
Brookside Technology Holdings Corp. (OTCBB: BKSD) today announced
that, on Monday, April 12th, Vicis Capital Master Fund, a sub-trust
of Vicis Capital Series Master Trust, and the Company's largest
preferred shareholder ("Vicis"), invested an additional $3 million
in equity and converted its subordinated promissory note, in the
original principal amount of $1.5 million, into shares of series A
convertible preferred stock of the Company. Additionally, the
Company entered into a loan amendment with its senior lender,
Chatham Credit Management III LLC, the Company's senior lender
("Chatham Capital"), which restructured the Company's senior credit
facility to, among other things, waive of all prior defaults,
extend the term of the senior loan to September 23, 2012, and
eliminate and/or modifying certain financial covenants.
Michael Nole, Chairman and CEO of Brookside, commented,
"Brookside is extremely pleased with completing the financing and
the restructuring of our senior credit facility. The Company's
progress is a result of the tremendous efforts of our employees and
the loyalty of our customers and our strategic partners." Mr. Nole
continued, "We are extremely encouraged with the hiring and
promotion of some key personnel throughout the company. At our
Standard Tel Networks subsidiary, Michael Ferry, a well-respected
industry veteran joined as the company's President and at our US
Voice and Data operations Michael Tucker was promoted to Vice
President of Operations. Our leadership and financial partnerships
are now stronger than ever, and together with our loyal employees
we will continue providing un-paralleled customer support. Building
on this momentum, we will once again look for accretive
acquisitions that align with our business model and further expand
our national footprint."
Shad Stastney, Managing Partner of Vicis, added, "As expected,
the additional financing closed timely. Vicis has all the
confidence in Brookside's management team and employees to continue
to build on their 2009 efforts during a challenging time. We fully
expect our equity investment will provide the necessary working
capital for the Company to enhance its organic growth and target
attractive acquisitions."
About Brookside Technology Holdings
Corp.
Brookside Technology Holdings Corp., through its subsidiary
Companies, with offices throughout California, Kentucky, Indiana
and Texas, the Company is a leading provider of voice and data
convergent communications, video and Web conferencing, access
control, security and surveillance. Specializing in analyzing,
designing, selling, and implementation, Brookside offers a unique
portfolio of products and services that solve today's
telecommunications challenges by combining technology, business,
and financial solutions. Brookside's customers include both
commercial and state/government organizations of all types and
sizes throughout the United States. The Company seeks to grow
organically and through the acquisition of complementary businesses
looking to capitalize on the highly specialized growth market of
providing turnkey converged voice and data solutions. With a proven
track record of acquiring profitable businesses at attractive
valuations, Brookside plans to leverage its expanding capabilities
and combined customer bases of its portfolio companies. Additional
information on the company can be found at www.brooksideus.com.
Brookside Contact: Nicholas Salerno ANA Consultants, LLC
(813) 787-0760
BluePrint Technologies (CE) (USOTC:BKSD)
Historical Stock Chart
From Jan 2025 to Feb 2025
BluePrint Technologies (CE) (USOTC:BKSD)
Historical Stock Chart
From Feb 2024 to Feb 2025