Sevcon, Inc. Announces New $3.5 Million Secured Revolving Credit Facility
21 June 2011 - 11:30PM
Sevcon, Inc. (Nasdaq:SEV) announced today that its wholly owned
subsidiary, Sevcon USA, Inc., has entered into a $3.5 million
secured revolving credit facility with RBS Citizens, N.A. by
entering into a Loan and Security Agreement. Sevcon USA expects to
use the new revolving credit facility for working capital and for
general corporate purposes.
The facility, which has a three-year term, does not require
amortization of principal and may be paid before maturity in whole
or in part at Sevcon USA's option without penalty or premium.
"Due to our prospects for future growth in the on-road electric
vehicle market, we see an increasing requirement for higher levels
of working capital," said Matt Boyle, Sevcon president and CEO.
"The availability of this revolving credit facility will help fund
this growth."
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of
microprocessor based controls for zero emission electric vehicles.
The controls are used to vary the speed and movement of vehicles,
to integrate specialized functions, and to optimize the energy
consumption of the vehicle's power source. The company supplies
customers throughout the world from its operations in the USA, the
UK, France and the Asia Pacific region and through an international
dealer network. Sevcon's customers are manufacturers of on- and
off-road vehicles including cars, trucks, buses, motorcycles, fork
lift trucks, aerial lifts, mining vehicles, airport tractors,
sweepers and other electrically powered vehicles. For more
information visit www.sevcon.com
The Sevcon, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9607
Forward‐Looking Statements
Forward‐looking statements in this release about Sevcon's
product development and sales growth are subject to risks and
uncertainties that could cause actual results to differ materially
from those we anticipate. In particular: global demand for electric
vehicles may not grow as much as we expect; our customers' products
may not be as successful as those of other entrants in the electric
vehicle market who are supplied by our competitors; continuing
economic instability may cause customers to delay, decrease or
cancel purchases of our products; we are dependent on a few key
suppliers and subcontractors for most components, sub‐assemblies
and finished products, and we may not be able to establish
alternative sources of supply in time if supplies are interrupted;
we have a small number of key customers whose loss would adversely
affect our results; and our worldwide operations are subject to the
risks of international trade, including without limitation regional
economic downturns, exchange rate fluctuations, and changing laws,
regulatory practices and tariffs.
CONTACT: David Calusdian
Sharon Merrill Associates
1 (617) 542 5300
dcalusdian@InvestorRelations.com
Matt Boyle
President and CEO
1 (508) 281 5503
matt.boyle@Sevcon.com
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