TRENTON, N.J., Dec. 14, 2004 (PRIMEZONE) -- Emtec Inc. (OTCBB:ETEC), a systems integrator providing technology solutions to enable customers to effectively use and manage data to grow their businesses, today announced that it has entered into an amendment on December 10, 2004, to Loan and Security Agreement with Bank of America Business Capital Corporation (successor by merger to Fleet Capital Corporation) ("BOA"), extending its credit facility through November 21, 2006. This amendment increases Emtec's credit facility from $10 million to $12 million. Emtec can borrow up to a lesser of $12 million minus the outstanding letter of credit obligations or 85 percent of eligible accounts receivable minus the outstanding letter of credit obligations. This amendment reduced Emtec's interest rate from 1.00 percent above the prime rate to 0.25 percent above the prime rate. All other material terms of this agreement remain unchanged.
About Emtec Inc.
Emtec Inc., established in 1981, is a systems integrator focused on providing technology solutions that enable its customers to effectively use and manage their data to grow their businesses. The company's areas of specialization in information technology (IT) services include enterprise computing, data communications, data access, network design, enterprise backup and storage consolidation, managed services and staff augmentation. Emtec's solutions are crafted to enable its customers to become more efficient and effective, thereby giving them a competitive advantage.
Safe Harbor Statement Certain statements in this document constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Emtec Inc., or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. The company's future operating results are dependent upon many factors, including but not limited to the company's ability to obtain sufficient capital or a strategic business arrangement to fund its plan of operations when needed and build the management and human resources and infrastructure necessary to support the growth of its business as well as competitive factors and developments beyond the company's control; and other risk factors discussed in the company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."
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