MTM Technologies Receives $6.5 million in Funding from Current Lender and Investors
Summary
STAMFORD, Conn.--(BUSINESS WIRE)--MTM Technologies, Inc. (NASDAQ: MTMC), a leading national provider of innovative IT solutions and services to Global 2000 and mid-size companies, today announced that it has received $6.5 million in additional funding to improve its working capital position. MTM Technologies agreed to increase the interest rate due upon repayment of the principal as part of the new loan agreement. Pequot also agreed to modify the existing MTM notes, executed in February and amended in March 2008 totaling $2.5 million, to extend the date by which principal and interest is due to December 2009. “We are extremely pleased with our positive EBITDA turnaround of $18 million for fiscal year 2008 and we continue to work hard to manage our costs. MTM Technologies believes that EBITDA, which is not a recognized measure for financial presentation under United States generally accepted accounting principles (“GAAP”), provides investors and management with a useful supplemental measure of its operating performance by excluding the impact of interest, taxes, depreciation, amortization, stock based compensation and other expense.
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