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Print Edition StoriesWednesday, June 18, 2008
MTM Technologies gets $6.5M capital funding
By Mass High Tech Staff
Information technology solutions provider MTM Technologies Inc. reports it has received $6.5 million through loans and increased debt facility.
The company’s current debt facility lender Columbia Partners LLC has agreed to increase the existing loan by $3 million and temporarily ease MTM’s financial obligations. Current MTM Technologies investors Pequot Ventures and Constellation Ventures have also agreed to loan the company $3 million and $500,000, respectively. The investors, in return, have been granted 797,849 warrants and 129,032 warrants respectively for preferred stock share purchases at 37.5 cents and 38.75 cents.
In May, Stamford, Conn.-based MTM Technologies (Nasdaq: MTMC) received notice of Nasdaq compliance failure, which it is scheduled to appeal in July.
MTM Technologies, founded in 1986, employs 636 workers and provides information technology solutions and services to Global 2000 and mid-size companies. For fiscal 2007, the company posted a net loss of $32 million on revenue of $274.9 million.
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