Bittnet Systems S.A. (hereinafter referred to as “the Company”) informs the shareholders about the successful undertaking of the following operations regarding bank financing:
- Signing a ‘reverse factoring’ contract with BRD-GSG regarding Bell Microsystems LTD – a customer of the Company. The guarantees for this product are the assignment of future receivables from the Customer and pledge on the Company’s accounts opened at BRD-GSG. This financing product allows the Company to relieve pressure on it’s own cashflow while allowing for the payment terms required by the customer.
- Repayment in full, from own sources, of the working capital loan contracted in 2014 from Raiffeisen Bank. The repaid amount was RON 163.056,06, but the Bank has released a collateral deposit of RON 70.000 as a result of the repayment, so the net cash effect of the operation was RON 93.056,06.