HERTZLIYA, Israel, November 13, 2018 /PRNewswire/ --
SuperCom (SPCB), a global provider of secure solutions for the e-government, public safety, healthcare, and finance sectors, has announced that it secured a $20 million credit facility from funds managed by affiliates of Fortress Investment Group LLC, a highly diversified global investment manager with approximately $41.4 billion of assets under management. The facility is expected mainly to help support working capital and growth of the business operations.
The term of the credit is 4 years, at an interest rate of 7% to 8% plus LIBOR on any amounts drawn and outstanding.
"We are pleased to have formed this valuable partnership with a group as large and respectable as Fortress," commented Arie Trabelsi, President and CEO of SuperCom Ltd. "Increasing customer demand for our leading solutions has led us to a period of expansion with wins across North America, South America, Africa and Europe. As a result, our 16 ongoing project deployments globally required a relative increase in working capital, which is expected to drive recurring revenue growth down the road. This credit facility not only equips the company with means to support our expansion into new geographies, but it also represents a continued belief in our future prospects."
Since 1988, SuperCom (SPCB) has been a global provider of traditional and digital identity solutions, providing advanced safety, identification and security solutions to governments and organizations, both private and public, throughout the world. Through its proprietary e-government platforms and innovative solutions for traditional and biometrics enrollment, personalization, issuance and border control services, SuperCom has inspired governments and national agencies to design and issue secure Multi-ID documents and robust digital identity solutions to its citizens and visitors. SuperCom offers a unique all-in-one field-proven RFID & mobile technology and product suite, accompanied by advanced complementary services for various industries including healthcare and homecare, security and safety, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation. For more information, visit http://www.supercom.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded or followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Forward-looking statements in this release also include statements about business and economic trends. Investors should also consider the areas of risk described under the heading "Forward Looking Statements" and those factors captioned as "Risk Factors" in the Company's periodic reports under the Securities Exchange Act of 1934, as amended, or in connection with any forward-looking statements that may be made by the Company. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements arising from the annual audit by management and the Company's independent auditors. The Company undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
1. As of June 30, 2018
SuperCom Corporate Contact:
Ordan Trabelsi, President Americas