Artaflex Hires Industry Veteran as CFO and Completes Refinancing of Credit Facility with RBC
TORONTO, ONTARIO--(Marketwire - May 28, 2012) - Artaflex Inc. (TSX VENTURE:ATF) ("Artaflex"), a specialist at delivering integrated product solutions and support to the global technology and electronics industry, announced today the hiring of Frank Skerlj as its new Chief Financial Officer and that it closed a refinancing of its asset-based credit facility with Royal Bank of Canada ('RBC").
Paul Walker, Chief Executive Officer of Artaflex comments "We are extremely pleased to have someone with Frank's experience and depth of knowledge in the EMS industry heading up our finance team. Frank, myself and Phil Woodard, our Chief Operating Officer, have all worked together in the past building our previous company SMTC, and it is this cohesiveness that made this hiring very attractive to us. Frank's background overseeing a multi-site, international organization throughout Canada, the U.S. and Mexico will be beneficial as we move Artaflex through its next phase of growth." Mr. Skerlj replaces Jonathan Szczur as Chief Financial Officer of Artaflex and Artaflex's predecessor Adeptron Technologies Corporation ("Adeptron"). Mr. Skerlj's appointment is subject to acceptance by the TSX Venture Exchange.
Artaflex also announced today that it has closed, effective May 24, 2012, a refinancing of a $10 million asset-based credit facility with RBC (which represents a consolidation of, and increase to, separate asset-based credit facilities that Artaflex and Adeptron each previously had with RBC). The asset-based credit facility matures on March 20, 2014.
Loans under the asset-based credit facility are available by way of Canadian Dollar loans and U.S. Dollar loans which bear interest at RBC's prime rate or U.S. base prime rate, respectively, plus 175 bps. Letters of credit are also available under the asset-based credit facility.
"We very pleased with the terms of the refinanced asset-based credit facility and are pleased to continue our relationship with RBC and look forward to working with RBC in the future. The asset-based credit facility will positively support operations and the future growth of our business", commented Frank Skerlj, the new Chief Financial Officer.
Artaflex is a specialist at delivering integrated product solutions and support to the global technology and electronics industry. As a leading global provider of complete Electronics Manufacturing Services (EMS), Artaflex offers world class manufacturing facilities and global partners throughout Canada, the United States, Israel and China, allowing Adeptron to provide its customers the flexibility and scalability to competitively achieve total solutions to their present and future electronics outsourcing needs. Visit Artaflex at: www.artaflex.com.
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