Convertible loan to finance debt repayment, business expansion plan
By Devika Patel
Knoxville, Tenn., Jan. 6 - National Automation Services Inc. announced it has reached agreement with KCGI for a convertible capital debt facility. The agreement will provide $20 million, which will permit the company to execute its business expansion plan by acquiring new targeted automation firms throughout the United States.
The capital facility types comprise working capital, letter of credit, purchase order financing, accounts receivable financing, acquisition financing and bridge capital required.
Phase one of the financing establishes a line of credit and settles outstanding debt with the company's creditors. This has been in progress for some time and is expected to clean almost all debt off the company's balance sheet in the first quarter of 2011.
Henderson, Nev.-based National Automation is a holding company for specialized automation control companies located in the southwestern United States.
| Issuer: | National Automation Services Inc.
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| Issue: | Convertible capital debt facility
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| Amount: | $20 million
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| Warrants: | No
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| Investor: | KCGI
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| Pricing date: | Jan. 6
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| Stock symbol: | Pink Sheets: NASV
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| Stock price: | $0.05 at close on Jan. 5
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| Market capitalization: | $7.94 million
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