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| 8-K - MAM SOFTWARE GROUP, INC. | v207282_8k.htm |
MAM
Software Group Reports Gain of Debt Prepayment
Barnsley,
England, January 6, 2011 /PRNewswire-FirstCall/ -- MAM Software Group, Inc. (OTC
Bulletin Board: MAMS), (the “Company” or “MAM”), a leading provider of business
automation and ecommerce solutions for the automotive aftermarket, announced
today that effective December 31, 2010, the Company has prepaid the 7% note
issued April 2010. The balance of the obligation was settled for
$670,000 and the Company recorded a gain on the settlement of approximately
$52,000.
Commenting
on the prepayment, MAM’s CEO, Michael Jamieson, said, “During the past several
months, the Company has been able to increase revenues, profits and cash flow
and in October raised $3.3 million of new equity and secured a 3.4% term loan
for $2 million.” Jamieson further commented “this prepayment
represents a prudent opportunity to use a portion of the Company’s cash
position. In addition to recording a gain, on the prepayment, the
Company also will avoid interest payments of approximately $25,000 in this
fiscal year and $28,000 in the following year. As we move into
calendar year 2011, we are pleased to be able to do so with a strong balance
sheet, devoid of these legacy liabilities. We are now squarely in a
position to focus 100% of our efforts on running and growing our
business.”
About
MAM Software Group, Inc.
MAM
Software Group, Inc. (OTC Bulletin Board: MAMS) is a supplier of business and
ERP supply chain management solutions to automotive parts manufacturers,
distributors and retailers. MAM Software Group provides the automotive
aftermarket with a combination of business management systems, information
products, and online services that together deliver benefits for all parties
involved in the timely repair of a vehicle. For further information, please
visit http://www.mamsoftwaregroup.com/.
This
press release contains forward-looking statements. Readers are cautioned not to
place undue reliance on these forward-looking statements. Actual results may
differ materially from those indicated by these forward-looking statements as a
result of risks and uncertainties impacting the company’s business including,
increased competition; the ability of the company to expand its operations
through either acquisitions or internal growth, to attract and retain qualified
professionals, and to expand commercial relationships; technological
obsolescence; general economic conditions; and other risks detailed time to time
in the Company’s filings with the Securities and Exchange
Commission.
Contact:
Charles F. Trapp, Executive Vice President and Chief Financial Officer
610-336-9045 ext. 240
Maple
Park, Maple Court
Tankersley,
S75 3DP UK
Tel : +44
(0) 1244 311794