Last checked at 29 Aug 2013 14:50
29 August, 2013
Ubisense and HSBC announce signing £5 million bank loan
Cambridge, UK - Ubisense Group plc ("Ubisense" or the "Company") (AIM: UBI), a market leader in location-based smart technology, is pleased to announce that it has signed a £5 million loan facility with HSBC Bank plc ("HSBC") to expire in September 2016. This new facility replaces the existing £2 million loan facility drawn down in April 2013 and due to expire in November 2013. The Company's current cash position is around £2 million with the previous loan facility from HSBC being fully drawn down. On completion of the new facility, the existing loan will be repaid leaving the cash position of the business unchanged.
Gordon Campbell, CFO, commented: "We are very pleased to have completed this refinancing, increasing both amount and duration, as it will give us future working capital capacity to manage the business whilst we continue to deliver our strategic objectives. This is a strong endorsement of the Company from HSBC."
Chris Teale, Senior International Commercial Manager at HSBC Cambridge, said: "Ubisense's technology is revolutionary and the Company has a strong management team with a track record in delivering success. HSBC's great strength lies in its international reach and it is businesses such as Ubisense that will drive economic recovery in the UK. HSBC is proud to be playing its part in supporting the Company."
Ends
About Ubisense
Ubisense is a market leader of location-based smart technology which enables companies to optimise their business processes. By keeping track of key assets, Ubisense solutions bring clarity to complex operations whilst also improving quality and reliability. Ubisense Real-Time Location Intelligence Solutions are used by a number of blue chip customers across the world, such as AGCO, Airbus, Aston Martin, BMW, Cablevision, Daimler, Deutsche Telekom, Duke Energy, John Deere, MINI and VW.
Ubisense is headquartered in Cambridge, UK, with offices in the USA; Canada; France; Germany and Singapore. For more information visit: http://www.ubisense.net.
Contact
Ubisense Richard Green Gordon Campbell | Tel: +44 (0) 1223 535170
|
|
|
Canaccord Genuity Limited (NOMAD) | Tel: +44 (0) 20 7523 8000 |
Simon Bridges Lucy Tilley |
|
|
|
FTI Consulting | Tel: +44 (0) 20 7831 3113 |
Jon Snowball Tracey Bowditch |
|