LONDON (Alliance News) - Smartphone and tablet cloud services company Crimson Tide PLC on Tuesday said it has secured a new lease finance and loan facilities agreement with Lombard Technology Services Ltd.
The facilities are for a maximum of GBP250,000, with Crimson to draw down approximately GBP249,000 immediately in order to reimburse the payment of smartphone, tablet and pda devcies already financed from its operating cash flow.
The company is also in the process of negotiating new banking facilities with NatWest, it added.
"This facility with Lombard Technology Services Limited, along with their willingness to consider further financing, strengthens our balance sheet and allows us to discuss device inclusive transactions with confidence," said Crimson Tide Executive Chairman Barrie Whipp.
Shares in Crimson Tide were untraded early Tuesday, having last traded at 1.40 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Crimson Tide (TIDE)