TORONTO, ONTARIO--(Marketwired - June 13, 2014) - Tellza Communications Inc. (TSX:TEL) announced today that it has come to terms with its senior lender, Royal Bank of Canada, to increase its credit facility from $3.5 Million to $5.0 Million. In conjunction with the increase in Tellza's credit facility, the bank has also interest rate has been reduced to bank base plus 2.25%. The credit facility will continue to be secured by a first charge over all of the assets of Tellza and advances are subject to the availability of applicable security.
"Our banker has agreed to expand our borrowing facility and reduced our cost of borrowing to reflect the progress that Tellza continues to make with its growth and profits plans," said Gary Clifford, Executive Chairman. "Our business growth requires additional working capital and the most effective cost of capital for Tellza is senior borrowings."
Tellza is a global communications company operating under several brands including Route Dynamix, Phonetime, Tel3, MatchCom, and Tellza Technologies. Tellza is a public company listed on the Toronto Stock Exchange (TEL).
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements, which may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. Tellza's actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time. See www.sedar.com which contains all securities files.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tellza Communications Inc.Gary Clifford
Executive Chairman and CEO
firstname.lastname@example.orgTellza Communications Inc.Michael Vazquez
President and CEO of Phonetimemike@tellza.com
Source: Tellza Communications Inc.