QTL has secured a draw down facility of $2m. Not many techs can get any funding at all these days.
HOMEX - 4 December 2002 Brisbane
+++++++++++++++++++++++++ Quadtel Ltd (ASX: QTL), today announced that it has secured an ongoing commitment from London Partners Australia Pty Ltd to provide up to $2,000,000 for opportunities to grow Quadtel's business. The funding is provided to further augment the companies market leading position. With the focus on highly profitable opportunities, it is envisaged that the funding facility will enable Quadtel to continue to grow within the IT distribution market including the fast growing ADSL Broadband market and ensure that present and future opportunities are realised delivering further value to the company and ultimately shareholders.
"Although I am confident in Quadtel's ability to sustain growth without needing these funds, it is still comforting to know that they are available should they be needed. The company has undergone many organisational changes over the past 6 months and will be completing these with further expense reductions by the end of the year. These changes should cut our operating costs by 30%, making the company more cost effective and in excellent shape to face the challenges of 2003", said David Ramsay, Chairman.
Quadtel is currently evaluating a number of funding alternatives put forward by London Partners and will ensure that the market is fully informed as to how and when the funds will be drawn upon as this occurs.
QTL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
