Automodular Signs Banking Agreement
TORONTO - December 15, 2005
Automodular Corporation ("Automodular") announced that it has signed a banking agreement with its corporate bankers providing a $5 million term loan and a $5 million operating line. The term loan will be repaid in equal quarterly installments over its term.
Together with cash on hand of approximately $10 million and anticipated equipment financing of approximately $6 million, the banking agreement substantially completes the funding required by Automodular to complete its $22 million expansion in Oakville, Ontario.
Automodular is a supplier of sub-assembly, sequencing, transportation and logistics services to six OEM plants in Ontario, Michigan and Ohio. The Company has eight operating facilities and employs over 800 people.