AutoInfo, Inc. (OTCBB: AUTO), a non-asset based supply chain logistics company, today announced that it has increased its credit facility with Wachovia Bank from $10.5 to $20 Million. The loan provides for interest at LIBOR plus 1 1/4% per annum.
Harry Wachtel, President, stated, "We are extremely pleased that we have secured this increase in our facility and we value our relationship with Wachovia Bank. The completion of this transaction is a reflection on our growth, strong financial position and track record. This credit facility will support our working capital needs as we continue our growth and the implementation of our business strategies. In addition, this increased capital will enable us to seek out expansion opportunities that we believe will, in conjunction with the growth of our agent network, further fuel our future growth. "
