Singing Machine pays down revolving line of creditSMDM - OTCQX
Media and Entertainment - Android / IOS
With a superior management team directing this karaoke and streaming music / entertainment company we feel that these shares should be placed on your Buy List .
This company offers streaming multiplatform music service and digital experiences for, IOS , Android , pay TV operators, commercial establishments, OTT providers, mobile operators, and more. Product Line
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Singing Machines Studio System Makes Anyone Sound Like a Star
The Singing Machine Company Inc Today Announced That on January 23, 2018 it Fully Paid Down the Balance of its Revolving Line of Credit
Fort Lauderdale, FL, Jan. 25, 2018 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (OTCQX: SMDM) today announced that on January 23, 2018, the Company fully paid down the balance of its revolving line of credit with PNC Bank. During its peak season, the Company borrowed approximately $11,500,000 from its line of credit.
As part of the Company’s terms with PNC Bank, it must pay down the line of credit to a minimum of $1,000,000 for 30 consecutive days prior to April 30. The Company elected to completely pay off the line 23 days after the conclusion of its peak season.
Lionel Marquis, Company CFO commented, “We are pleased to be able to pay down our revolving line of credit with PNC Bank so quickly. This year the Toys ‘R’ Us bankruptcy adversely affected our cash flow; however the fact that we were able to completely pay down our line of credit by January represents the strength of our cash flow.”