GTT (NYSE MKT:GTT), a cloud
networking service provider offering Tier
1 IP and Ethernet
network solutions to multinational
enterprises, announced today that it has expanded the line of credit in
its senior credit facility from $7.5 million to $15 million and amended
its mezzanine credit facility to allow for an additional $10 million of
draw commitment. The mezzanine commitment has a draw termination date
through December 31, 2014. All other terms of both credit facilities
remain unchanged.
“These additional commitments allow GTT access to increased liquidity,
affording us greater financial flexibility to capitalize on new growth
opportunities,” stated Michael R. Bauer, Chief Financial Officer. “We
appreciate our lending groups’ continued commitments and support.”
“We enter 2014 fully prepared to execute on our strategic growth plans
with the goal of becoming the leading cloud networking service provider
to multinational enterprises,” said Rick Calder, Chief Executive Officer
and President. “We are focused on driving organic growth and extending
our proven track record of successful, selected acquisitions. This
increased support of our senior and mezzanine groups enables the
execution of this strategy and we thank them for their partnership.”
Forward-Looking Statements
This release includes certain “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995, which
reflect the current views of Global Telecom & Technology, Inc., with
respect to current events and financial performance. From time to time,
Global Telecom & Technology, Inc., which we refer to as “we”, “us” or
“our” and in some cases, “GTT” or the “Company”, also provides
forward-looking statements in other materials GTT releases to the public
or files with the United States Securities & Exchange Commission
(“SEC”), as well as oral forward-looking statements. You should consult
any further disclosures on related subjects in our quarterly reports on
Form 10-Q and current reports on Form 8-K filed with the SEC. Such
forward-looking statements are and will be subject to many risks,
uncertainties and factors relating to our operations and the business
environment that may cause our actual results to be materially different
from any future results, express or implied, by such forward-looking
statements. Factors that could cause GTT’s actual results to differ
materially from these forward-looking statements include, but are not
limited to, the following: our ability to obtain capital; our ability to
develop and market new products and services that meet customer demands
and generate acceptable margins; our reliance on several large
customers; our ability to negotiate and enter into acceptable contract
terms with our suppliers; our ability to attract and retain qualified
management and other personnel; competition in the industry in which we
do business; failure of the third-party communications networks on which
we depend; legislation or regulatory environments, requirements or
changes adversely affecting the businesses in which we are engaged; our
ability to maintain our databases, management systems and other
intellectual property; our ability to maintain adequate liquidity and
produce sufficient cash flow to fund our capital expenditures and debt
service; technological developments and changes in the industry; our
ability to complete acquisitions or divestitures and to integrate any
business or operation acquired; our ability to overcome significant
operating losses; and general economic conditions. Additional
information concerning these and other important factors can be found
under the heading "Risk Factors" in GTT's annual and quarterly reports
filed with the Securities and Exchange Commission including, but not
limited to, its Annual Report on Form 10-K. Statements in this release
should be evaluated in light of these important factors.
About GTT
GTT operates a global Tier 1 IP network with the most interconnected
Ethernet service platform around the world. We provide highly reliable,
scalable and secure cloud networking services. Our clients trust us to
deliver solutions with simplicity, speed, and agility that are unmatched
by other network providers. For more information visit GTT www.gtt.net.
Copyright Business Wire 2014