WYOMISSING, Pa., May 3 /PRNewswire/ -- Sovereign Bank announced today
that it has provided a $9.5 million asset-based revolving and term loan
credit facility to InfoLogix, Inc., a single source provider of mobile
computer solutions, and its wholly owned subsidiary, Optasia ACQ, LLC, a
provider of proprietary learning technology for business-to-business
applications. The credit facility, comprised of a revolving line of credit
and term loan facility, is being used to refinance existing debt and fund
ongoing working capital requirements.
Cosmo DeNicola, chairman of InfoLogix, Inc., said, "Sovereign was able
to structure a credit facility with favorable terms to meet InfoLogix's and
Optasia's borrowing needs. The new credit facility provides our
organization with more borrowing capacity and flexibility for greater
inventory purchasing."
"Since being founded in 2001, InfoLogix has and continues to experience
significant growth," said Michael Maiorino, executive vice president and
managing director of Sovereign's Asset Based Lending team. "Through our new
relationship, the company will be able to fund this growth for the
foreseeable future. We feel that InfoLogix has a very bright future and
we're happy to be a part of it."
Headquartered in Hatboro, PA, InfoLogix provides Wireless Mobile
Computing solutions by allowing real-time data communications anywhere in
an enterprise. Corporations and institutions utilize these technologies for
mission critical applications that need the ability to instantly collect,
retrieve, review, analyze and use data regardless of physical location. The
company's mission is to provide its clients with total mobile computing
solutions from strategy to implementation and management, all with the
highest levels of quality in the products and services provided and
integrity in the business conducted.
Optasia's primary business is the design and creation of "Self Paced"
education courses. Optasia focuses on the mobile and wireless industries
with a specialty in designing highly effective and engaging programs.
Optasia uses the company's proprietary authoring tool, ELCAP (e-Learning
Content Authoring and Production Tool), to produce and deliver these
courses in a timely and cost-effective manner.
Sovereign Bank's Asset Based Lending Group, with offices in
Massachusetts, New Jersey, New York and Pennsylvania, provides specialty
structured financing for many types of businesses throughout the United
States. The Asset Based Lending team are experts at developing customized
solutions to help companies leverage their working and fixed assets to meet
significant financing initiatives.
About Sovereign
Sovereign Bancorp, Inc. ("Sovereign") (NYSE: SOV), is the parent
company of Sovereign Bank, a pro forma $83 billion financial institution
with nearly 800 community banking offices, over 2,000 ATMs and
approximately 12,000 team members with principal markets in the Northeast
United States after giving effect to the Independence acquisition and
recently announced branding agreement in which Sovereign ATMs will be
placed in CVS/pharmacy locations. Sovereign offers a broad array of
financial services and products including retail banking, business and
corporate banking, cash management, capital markets, wealth management and
insurance. Sovereign is the 18th largest banking institution in the United
States. For more information on Sovereign Bank, visit
http://www.sovereignbank.com or call 1-877-SOV-BANK.
Sovereign Bank, its logo and lantern are service marks of Sovereign
Bank or its affiliates or subsidiaries in the United States and other
countries.
SOURCE Sovereign Bank
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Related links:
http://www.sovereignbank.com
CONTACT:
Ellen Molle, Sovereign Bank, +1-617-757-5573,
Cell: +1-617-548-9932, emolle@sovereignbank.com
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