PHOENIX, AZ, United States, via ETELIGIS INC., 08/25/2014 - - PTA Holdings, Inc.(OTC PINK: PTAH)(PINKSHEETS: PTAH) a multi-faceted transportation group providing a broad array of traditional transportation and management services, announcethat on August 1, 2014, and its wholly owned subsidiaries, closed a Senior Secured Revolving Credit Facility of up to $5 million with TCA Global Credit Master Fund, LP ("TCA"). The credit facility with TCA will provide operating capital and funds for acquisitions.
Leonard Lewensohn, CEO stated today that; "We are pleased to report that the company has recently completed a funding agreement with TCA Global MasterFund, LP. An initial draw of $750,000, less transaction expenses and necessary debt reduction payments, will be used in existing operations as we execute our growth plan. The Company intends to use the remaining facility primarily to fund revenue and profit through accretive acquisitions. Additional draws under the facility are available on an as-needed basis, based on a mutually approved formula of eligible receivables and assets, subject to continuing compliance with the terms of the revolving credit facility. The first draw of funds was use for the acquisition of Crane Creek Trucking, as announced on August 21, 2014.
He further stated; "This is another significant event in our development and growth plans. This facility with TCA forms a key pillar in our funding capability and, with another strong funding partner behind us, demonstrates to customers, partners and targeted acquisitions collectively that we are in a position to execute. Whereas, this facility may not be suitable for all acquisitions, the confidence that such proof of funds provides and our ability to move quickly on transactions should make us more attractive to potential sellers and provide an advantage in competitive negotiations. We look forward to building a strong relationship with TCA over the coming months and years. Our team has embarked on a major re-alignment of internal operations to become more competitive and achieve profitability at lower levels of revenue that will result from significant cost reductions that have taken place during the 2ndquarter ."
About PTA Holdings, Inc. OTC: PTAH
PTA Holdings is a multi-faceted transportation group providing a broad array of traditional transportation and management services. The focus of the combined companies is to expand the company via a strategic transportation industry roll-up.
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Notice on Forward-Looking Statements:
This news release includes forward-looking statements regarding PTA Holdings, Inc. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties. Forward-looking statements speak only as of the date on which they are made and PTA Holdings, Inc. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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