Roomlinx, Inc. Awarded an Increase to its Revolving Line of Credit to $25 Million to Support Large-Scale Deployments of its Inte
March 11 2010 - 8:00AM
PR Newswire (US)
DENVER, March 11 /PRNewswire-FirstCall/ -- Roomlinx, Inc. (OTC
Bulletin Board: RMLX), the leading provider of Interactive TV (iTV)
solutions for the hospitality industry, today announced that Cenfin
LLC has increased the Company's revolving line of credit to $25
million, from $5 million, to allow the Company to effectively scale
its growth to support larger deployments of its iTV product. "In
today's financial environment this funding is a very strong vote of
confidence that we have the right product and the right team to be
very successful long into the future," said Mike Wasik, Roomlinx
CEO. "This additional funding enables us to ramp up our direct
sales, more effectively scale our organization to support larger
orders for our iTV solution, and successfully deploy our iTV
solution to large hotel chains." Under the terms of an amendment to
a Revolving Credit, Security, and Warrant Purchase Agreement dated
June 5, 2009, Roomlinx will be able to draw down funds from time to
time from an aggregate principal amount not to exceed $25 million,
provided that each borrowing shall be in a principal amount of at
least $20,000, and no more than $500,000 unless approved by Cenfin.
Proceeds drawn down from the line of credit will be used for the
purchase of equipment in connection with contractual agreements to
provide services to hotels and similar establishments, capital
expenditures in connection with customer agreements or potential
customer agreements, and fees and expenses incurred in connection
with the transaction. About Roomlinx Roomlinx is the hospitality
in-room expert providing iTV for hotels, resorts, and other
properties, utilizing premium content and applications demanded by
today's traveler. Please contact sales@roomlinx.com for a demo, or
visit us at http://www.roomlinx.com/. Safe Harbor Cautionary
Statement: This press release includes forward-looking statements
concerning the future performance of our business, its operations
and its financial performance and condition, and also includes
selected operating results presented without the context of
accompanying financial results. These forward-looking statements
include, among others, statements with respect to our objectives
and strategies to achieve those objectives, as well as statements
with respect to our beliefs, plans, expectations, anticipations,
estimates or intentions. These forward-looking statements are based
on our current expectations. We caution that all forward-looking
information is inherently uncertain and actual results may differ
materially from the assumptions, estimates or expectations
reflected or contained in the forward-looking information, and that
actual future performance will be affected by a number of factors,
including economic conditions, technological change, regulatory
change and competitive factors, many of which are beyond our
control. Therefore, future events and results may vary
significantly from what we currently foresee. We are under no
obligation (and we expressly disclaim any such obligation) to
update or alter the forward-looking statements whether as a result
of new information, future events or otherwise. Investor Relations
Contact: Nick Iyer, intellibridgeIR (949) 981-5062
rmlx@intellibridgeir.com Media Contact: Kelly Frey, Roomlinx, Inc.
(720)880-5155, kfrey@roomlinx.com DATASOURCE: Roomlinx, Inc.
CONTACT: Investor Relations, Nick Iyer of
intellibridgeIR,+1-949-981-5062, rmlx@intellibridgeir.com, for
Roomlinx, Inc.; or Media, KellyFrey of Roomlinx, Inc.
+1-720-880-5155, kfrey@roomlinx.com Web Site:
http://www.roomlinx.com/
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