Versatile Announces $13,300,000 of Credit Facilities
March 12 2008 - 4:00AM
UK Regulatory
FOR: VERSATILE SYSTEMS INC.
TSX VENTURE SYMBOL: VV
AIM SYMBOL: VVS
March 12, 2008
Versatile Announces $13,300,000 of Credit Facilities
Increase in the bank line of credit and new supplier line of credit
VANCOUVER, CANADA--(Marketwire - March 12, 2008) - Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), announces
that it has obtained a line of credit of $5,800,000 from the Commerce Bank, an increase from the previous line
of credit of $3,000,000. Versatile has repaid the Commerce Bank Term Loan of $2,749,263 that was originally
advanced on April 25, 2005. The Line of Credit is limited to 70% of eligible accounts receivable and bears
interest at the prime rate of lending. Security for the Line of Credit consists of a first charge on the
accounts receivable and other assets of certain U.S. subsidiaries.
Versatile has also obtained a new Vendor line of credit commencing March 11, 2008 for $5,500,000 and flexing up
to $7,500,000 at the end of each quarter. The Vendor line of credit is non-interest bearing for amounts that
are due in less than 45 days and has a second charge on the accounts receivable and other assets of certain
U.S. subsidiaries.
About Versatile
Versatile provides business solutions that enable companies to improve sales, marketing and distribution of
their products. Versatile also provides information technology services for the implementation, maintenance and
security of mission-critical computer environments. Versatile has the ability to architect solutions involving
both proprietary and third party components. For more information: www.versatile.com.
Forward-Looking Statements
This document may contain forward-looking statements relating to Versatile's operations or to the environment
in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These
statements are not guarantees of future performance and involve risks and uncertainties that are difficult to
predict or are beyond Versatile's control. A number of important factors including those set forth in other
public filings could cause actual outcomes and results to differ materially from those expressed in these
forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking
statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile
disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of
new information, future events or otherwise.
All amounts are expressed in U.S. dollars unless otherwise stated. (C) 2008 Versatile Systems Inc. All rights
reserved.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Versatile Systems Inc.
John Hardy
Chairman and CEO
1-800-262-1633 or International: 001-206-979-6760
OR
Versatile Systems Inc.
Fraser Atkinson
CFO
1-800-262-1633
Website: www.versatile.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of
this release.
Versatile Systems Inc.
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