IRVING, Texas, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Excel Corporation (OTCQB:EXCC), a leading provider of integrated financial and transaction processing services to merchants throughout the United States today announced that it secured a new $25 million term loan facility through Great American Capital Partners, LLC, a wholly owned subsidiary of B. Riley Financial, Inc. (NASDAQ:RILY). The credit facility consists of an initial term loan of $13.5 million, with availability to borrow an additional $11.5 million during the first year of the three year term. Proceeds from the initial loan amount were used to repay all of the Company’s existing secured debt, including approximately $8.0 million incurred in connection with the purchase of the U.S. assets of Calpian Inc. in November 2015, as well as for working capital and general corporate purposes.
“After the Calpian acquisition in late 2015 and with the profitable restructuring of our Securus subsidiary earlier this year, Excel now enters a fresh stage of growth fueled by the support of our new financing relationship with Great American. This capital will enable us to move quickly on future acquisition opportunities, allowing us to successfully execute on our strategy of being a significant merchant acquirer in the U.S. market,” stated T. A. “Kip” Hyde, Jr., Excel CEO. “Just as importantly for our stockholders, this $25 million facility provided us with access to capital without equity dilution.”
Excel CFO, Robert Winspear added, “The additional working capital received from the initial term loan, as well as the ability to draw up to an additional $11.5 million immediately improves our current financial position and provides significant additional capital to finance future acquisitions. With the successful integration of our eVance subsidiary now completed, we have profitable ongoing operations on a robust platform, with access to significant new growth capital, as well as additional sales channel opportunities. With this new term loan facility, we are focused on accelerating our revenue growth and further increasing profitability.”
Riverside Management Group via its wholly owned broker dealer subsidiary, BCW Securities LLC (member FINRA/SIPC), represented by Forbes Burtt, acted as the exclusive financial advisor to Excel Corporation for this debt financing.
More detailed information, including a copy of the loan and security agreement, will be provided in our Report on Form 8-K, which is expected to be filed with the SEC on or about November 5, 2016.
About Excel Corporation
Headquartered in Irving, Texas, Excel Corporation provides integrated financial and transaction processing services to small and medium size merchants throughout the United States. We deliver our products and services through a national network of independent sales representatives, ISOs and agent banks. Excel's subsidiary, eVance Processing Inc. provides an integrated suite of payment processing services and payment solutions, including credit, debit and gift/reward card processing, with ACH and mobile payments solutions including Apple Pay and Android-based applications. Merchants can choose from multiple payment gateway solutions for both "brick and mortar" and Internet-based businesses. Go to: evanceprocessing.com for more information. eVance Capital, another Excel subsidiary, provides our merchants with the money they need to grow, offering merchant cash advance and business loan products designed to help their businesses succeed. Go to: evancecapital.com for more information.
Excel Corporation common stock is traded Over-The-Counter on the OTCQB under stock symbol: EXCC. Additional information about the Company can be found at www.ExcelCorpUSA.com.
Forward Looking Statements
All statements in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the PSLRA of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, among others, the ability of the Company to comply with the covenants and other terms and conditions of the GACP term loan, to meet the conditions in the GACP term loan necessary to borrow additional funds, to identify and complete acquisitions that meet our investment strategy and to increase revenue and profitability. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
Investors & Analysts Contact: Ross DiMaggio Investor Relations Union Square Associates 212.675.2100 info@excelcorpUSA.com