National Automation Services, Inc. announced today that its Board of Directors has approved a Letter of Interest (LOI) from KCGI, a privately held strategic growth capital firm. Under the terms of the agreement, KCGI would provide a Convertible Capital Debt Facility for up to twenty million ($20,000,000.00) dollars. The capital facility types are comprised of: Working Capital, Letter of Credit, Purchase Order Financing, Accounts Receivable Financing, Acquisition Financing, and Bridge Capital Required.
Phase one of the financing provides a line of credit and the settling of outstanding debt with the company’s creditors. In progress for some time now, this financing is expected to positively impact NAS’ bottom line and would also clear almost all debt off the company’s balance sheet in the first quarter of 2011. The provided capital would also permit NAS to execute its business expansion plan of acquiring new targeted automation firms throughout the U.S. in the first quarter of this year.
For more information, visit the company’s website at www.NASAutomation.com
Let us hear your thoughts: National Automation Services, Inc. Message Board