SASKATOON, SASKATCHEWAN--(Marketwired - Jan 22, 2014) - International Road Dynamics Inc. ("IRD" or the "Company") (IRD.TO) announced that it has arranged new credit facilities (the "Facilities") with HSBC Bank Canada, replacing its current banking relationships in both Canada and India.
The terms of the new Facilities remain substantially unchanged from the Company's current facilities which provide for a CDN $8.5 Million demand revolving loan in support of the Company's North American operations and two standby letters of credit issued in favor of HSBC India. The first letter of credit for USD $1.5 Million in Indian Rupee equivalent is issued as security for an operating line of credit for the Company's India subsidiary and the second letter of credit of CDN $1.25 is issued as security for bank performance guarantees issued from time to time to meet project requirements in the India market. Both letters of credit continue to be supported and secured by Export Development Canada guarantee programs.
"We are very pleased to be entering this new global relationship with HSBC Bank Canada," commented Terry Bergan, IRD's President and CEO. "With their international capacities and understanding, these new Facilities provide IRD with enhanced flexibility and oversight over our International operations as well as improving credit availability and reducing financing costs."
IRD is a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems (ITS) industry. IRD is a North American company based in Saskatoon, Saskatchewan Canada with sales and service offices throughout the United States and overseas. Private corporations, transportation agencies and highway authorities around the world use IRD's products and advanced systems to manage and protect their highway infrastructures.
The Company's shares trade on the Toronto Stock Exchange under the symbol IRD.