DynTek and Union Bank, N.A. Announce New Lending Facility and Commercial Banking Relationship
04 Janeiro 2012 - 4:30PM
Marketwired
DynTek, Inc. (PINKSHEETS: DYNE), a leading
provider of professional technology services, and
Union Bank, N.A., a full-service commercial bank, today
announced the companies have entered into a new three-year $15
million revolving line of credit and commercial banking
relationship.
The new line of credit structure is intended to provide DynTek
with reduced interest expense and increased flexibility to support
the Company's strategic growth initiatives and investments. The
Company plans to use the funds to support general working capital
and future revenue growth across its national base. DynTek reported
revenues of $123.8 million for the fiscal year ended June 30, 2011,
an increase of 45% from $85.6 million in fiscal year 2010.
"This new credit facility and commercial banking relationship is
another major milestone for our organization and is a direct result
of the profitable growth, operational efficiencies and investment
in core technology practice areas that has been our primary
strategic focus area for the past several years," said Ron
Ben-Yishay, DynTek's chief executive officer. "Union Bank is a
valued partner in our future success and their confidence in our
financial condition, management team, and future prospects is an
important industry validation."
"During a very challenging economic period in our country,
DynTek was able to thrive and showcase record results," said Senior
Vice President Michael Murphy, Division Manager of Union Bank's
Commercial Finance Division. "We're happy to support their
continuing success and look forward to seeing our relationship grow
and prosper."
About UnionBanCal Corporation & Union Bank,
N.A. Headquartered in San Francisco, UnionBanCal Corporation
is a financial holding company with assets of $84 billion at
September 30, 2011. Its primary subsidiary, Union Bank, N.A., is a
full-service commercial bank providing an array of financial
services to individuals, small businesses, middle-market companies,
and major corporations. The bank operated 404 full-service branches
in California, Washington, Oregon and Texas, as well as two
international offices, on September 30, 2011. UnionBanCal
Corporation is a wholly-owned subsidiary of The Bank of
Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ
Financial Group, Inc. Union Bank is a proud member of the
Mitsubishi UFJ Financial Group (MUFG) (NYSE: MTU), one of the
world's largest financial organizations. Visit www.unionbank.com
for more information.
About DynTek DynTek is a leading provider
of professional technology services to mid-market companies, such
as state and local governments, educational institutions and
commercial entities in the largest IT markets nationwide. From
virtualization and cloud computing to unified communications and
collaboration, DynTek provides professional technology solutions
across the three core areas of our customers' technical
environment: Infrastructure/Data Center, Microsoft Platform, End
Point Computing. DynTek's multidisciplinary approach allows our
clients to turn to a single source for their most critical
technology requirements. For more information, visit
http://www.dyntek.com.
Follow Us Online: Twitter: @DynTek DynTek on Facebook DynTek on LinkedIn
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Investors are cautioned that forward-looking statements
made in this press release, such as statements relating to the
effect that the adoption of the revolving line of credit will have
on our business and our intended use of funds borrowed under the
revolving line of credit, involve known and unknown risks and
uncertainties that could cause actual results to materially differ
from the forward-looking statements. Such risks and uncertainties
include, among others, our success in reaching target markets for
services and products in a highly competitive market; our ability
to maintain existing customers and attract future customers; our
ability to finance and sustain operations, including our ability to
comply with the terms of the revolving line of credit and the
Company's other existing and future indebtedness; our ability to
achieve profitability and positive cash flow from operations; our
ability to maintain business relationships with IT product vendors;
the size and timing of additional significant orders for our
products and services and our ability to fulfill such orders; the
continuing desire of state and local governments to outsource to
private contractors and the availability of budgets to place orders
for our products and services; our ability to retain skilled
professional staff and certain key executives; the performance of
our government and commercial technology services; and the
continuation of general economic and business conditions that are
conducive to outsourcing of IT services. We have no obligation to
publicly revise any forward-looking statements to reflect
anticipated or unanticipated events or circumstances occurring
after the date of such statements.
For more information, contact: Linda Ford DynTek, Inc.
949-271-6705 Email Contact Joanne C. Curran Union Bank 213-236-5017
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