B.O.S Secures Bank Financing for the Acquisition of Imdecol Ltd.
RISHON LEZION, Israel, April 22, 2019 (GLOBE NEWSWIRE) -- B.O.S Better Online Solutions Ltd. ("BOS" or the "Company") (NASDAQ: BOSC), a leading Israeli provider of RFID and Mobile solutions and a global provider of Supply Chain solutions to enterprises, announced today that it has received a principal approval from the First International Bank of Israel to finance the acquisition of the assets Imdecol Ltd.
The bank approval is for a five year loan in the principal amount of $712,000, bearing annual interest of 3.5% (Prime plus 1.75%) and repayable monthly. In addition, the bank approved a revolving credit line in the amount of $1,350,000, for working capital purposes.
Eyal Cohen, BOS' Co-CEO & CFO, stated, "With this bank approval we have the required financial resources to acquire the Imdecol assets, scheduled to close by June, 1 2019.”
Imdecol is a global integrator and manufacturer of automatic and robotic systems that enhances the productivity of production lines. Through the integration of Imdecol, BOS will significantly expand its offerings to existing and new worldwide customers.
B.O.S. Better Online Solutions Ltd. (BOSC) is a leading Israeli provider of RFID and Mobile solutions and a global provider of Supply Chain solutions to enterprises. BOS' RFID and Mobile division offers both turnkey integration services as well as stand-alone products, including best-of-breed RFID and AIDC hardware and communications equipment, BOS middleware and industry-specific software applications. The Company's Supply Chain division provides electronic components consolidation services to the aerospace, defense, medical and telecommunications industries as well as to enterprise customers worldwide. For more information, please visit: www.boscorporate.com.
For more information:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
(203) 972-9200 email@example.com
Eyal Cohen, Co-CEO & CFO
Safe Harbor Regarding Forward-Looking Statements
The forward-looking statements contained herein reflect management's current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of BOS being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations, general worldwide economic conditions and continued availability of financing for working capital purposes and to refinance outstanding indebtedness; risks associated with completing and successfully integrating an acquisition with BOS’s existing business; and additional risks and uncertainties detailed in BOS' periodic reports and registration statements filed with the U.S. Securities and Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.