LMAO NuState - Announces Closing of $50 Million Credit Facility to Fund New Revenue Generating Businesses
Accesswire AccesswireNovember 26, 2014
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COLUMBIA, SC / ACCESSWIRE / November 26, 2014 / NuState Energy Holdings, Inc. (NSEH) announced today, it has entered into a $50 million a definitive agreement senior secured revolving line of credit facility (the "Credit Facility") with TCA Global Credit Master Fund, LP to fund the new business of pertinent, real-time information to the worldwide transportation and security industries.
This credit facility is the result of the agreement with The Ronn Motor Group, to license and market NuState's IP software, GPSTrax(C), for use by Ronn Motor Group's partners in China and other international markets annouced on 24th of November 2014.
The initial draw down under the terms of the Credit Facility is $5,000,000 which will provide the Company with immediate working capital for expansion of its development team to further enhance our IP to build on new developing opportunities.
We have always had strong relationships in the Telematics industry and we are actively pursuing joint ventures, partnerships and acquisitions. NuState has a very large tax loss carry forward that makes us an attractive target for companies in this space.
For further details regarding the credit facility, please refer to the Company's complete disclosure on Form 8-K to be filed this week at the Securities and Exchange Commission.
About NuState
NuState Energy Holdings, Inc. is a technology company specializing in providing pertinent, real-time information to the worldwide transportation and security industries. NuState's proprietary software, GPSTrax(C), is built on an Open Architecture platform for the logistics and telematics industries.
For more information about NuState, email info@nsehinc.com or call (803) 748-1309. NuState is located at 1201 Main Street, Suite 1980, Columbia, S.C. 29201
You can learn more about GPSTrax(C) software by visiting our website at www.nsehinc.com
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.
SOURCE: NuState Energy Holdings, Inc.
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