WPCS Obtains New Bank Credit Facility From Sovereign Bank
WPCS International Incorporated, a provider in design-build engineering services for communications infrastructure, has announced that it has obtained a new $12 million bank credit facility, which replaces the company’s existing credit facility that expired on November 30, 2011.
The new credit facility is with Sovereign Bank, a subsidiary of Santander Group. The new banking line is for a $12 million three-year revolving credit facility. Griffin Financial Group LLC, based in King of Prussia, PA, acted as the exclusive financial advisor and investment banker for this transaction.
Joseph Heater, CFO of WPCS, commented, “We are pleased to announce the successful completion of this new bank credit facility with Sovereign Bank. As WPCS continues to execute on its strategic development plans, this line of credit provides an additional source of liquidity for our current working capital requirements. We appreciate the confidence that Sovereign Bank has demonstrated in our company and believe that this new bank credit facility will serve as a solid foundation for our future growth.”