Global Telecom & Technology Announces New $2 Million Credit Facility with Silicon Valley Bank
MCLEAN, Va.--(BUSINESS WIRE)--Global Telecom & Technology, Inc. (“GTT”),
(OTCBB:GTLT - News), a global Multi-Network Operator (MNO), announced today
it has entering into a credit facility agreement with Silicon Valley Bank,
the commercial banking arm of SVB Financial Group (Nasdaq:SIVB - News).
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This 364-day senior secured credit facility enables the company to borrow up
to $2 million, subject to certain availability criteria relating to accounts
receivable and cash collections. The company currently has no borrowings outstanding
under the facility. The credit facility does not contain financial or other
restrictive covenants.
“We are pleased to have developed this relationship with SVB and close on this credit facility which will provide GTT with additional liquidity and flexibility to support our growth initiatives,” said Richard D. Calder, Jr., president and CEO. “Coupled with the refinancing of our debt in the fourth quarter of 2007, in which we raised almost $2 million in additional financing while reducing our overall debt load and extending all maturities to December 2010, we have significantly strengthened our capital structure and put the company on sound financial footing for the future.”
"SVB has been impressed by GTT’s strategic vision and success thus far," said Andy Rico, senior relationship manager for Silicon Valley Bank. "We look forward to building our partnership with GTT and supporting their continuing growth."
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for emerging, growth and mature companies in the technology, life science, private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices as well as operations in China, India, Israel and the UK. Silicon Valley Bank is a member of global financial services firm SVB Financial Group, with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial
banking operation of SVB Financial Group. Banking services are provided by
Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private
Client Services is a division of Silicon Valley Bank. SVB Financial Group
is also a member of the Federal Reserve.
About GTT
Global Telecom & Technology, Inc. is a new type of service provider --
a Multi-Network Operator. GTT designs solutions based on its customer’s
requirements, using a combination of multiple telecommunications networks and
technologies. Unlike traditional network centric carriers, GTT provides best-of-breed
solutions by procuring, integrating and managing components of these various
networks on its customers’ behalf. GTT has taken the inherent advantages
of the Multi-Network Operator approach to a new level through a combination
of powerful network design and pricing tools; a global service footprint; a
deep and broad set of strategic vendor relationships; and above all, an expert
team committed to delivering outstanding end-to-end customer service. Headquartered
in McLean, Virginia and with offices in London, Paris, Dusseldorf, and New
York, GTT provides a global service footprint covering more than 70 countries,
and it has more than 200 customers and in excess of 100 carrier partnerships
around the world. For more information visit the GTT web site: www.gt-t.net
Forward-Looking Statement
Some of the statements made by GTT in this press release, including without
limitation statements regarding GTT’s anticipated future growth and potential
mergers and acquisitions activity, are forward-looking in nature. GTT intends
that any forward-looking statements, as defined in Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), shall be
covered by the safe harbor provisions for such statements contained in Section
21E of the Exchange Act. Statements that are predictive in nature, that depend
upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “predicts,” “potential,” “continues” and
similar expressions are forward-looking statements. Forward-looking statements
involve known and unknown risks and uncertainties that may cause the Company’s
actual future results to differ materially from those projected or contemplated
in the forward-looking statements. GTT believes that these risks include, but
are not limited to: GTT’s ability to develop and market new products
and services that meet customer demands and generate acceptable margins; GTT’s
reliance on several large customers; GTT’s ability to negotiate and enter
into acceptable contract terms with its suppliers; GTT’s ability to attract
and retain qualified management and other personnel; failure of the third-party
communications networks on which GTT depends; and competition and other risks
associated with the communications sector in general and the multi-network
operator sector in particular. Additional information concerning these and
other important factors can be found under the heading “Risk Factors” in
GTT’s Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission in November 2006, and in GTT’s other annual and quarterly
reports filed from time to time with the Securities and Exchange Commission.
Statements in this release should be evaluated in light of these important
factors.
Media Inquiries:
JD Darby
+1.703.442.5530
jd.darby@gt-t.net
Investor Inquiries:
Mike Bauer
+1.703.442.5503
mike.bauer@gt-t.net
