MANALAPAN, N.J., March 21, 2007 (PRIME NEWSWIRE) -- Accountabilities, Inc. (Pink Sheets:ACBT), an established provider of financial personnel staffing services, professional marketing services, and management consulting services to CPA and other professional firms, announced today that it has entered into a new credit agreement with the Wells Fargo Business Credit division of Wells Fargo Bank, N.A., providing for an $8 million receivables facility and $500,000 term loan.
The new facility replaces the Company's previous $5 million receivables facility with a different lender and allows the Company to assign up to $8 million of eligible receivables for which Wells Fargo will advance to the Company 90% of the value of those receivables. In addition, the agreement provides for a one-year $500,000 term loan.
"This new agreement with Wells Fargo provides Accountabilities with the additional working capital flexibility it needs to continue to pursue its growth and acquisition strategies and in addition, represents significant interest savings from our previous facility," stated Stephen DelVecchia, Chief Financial Officer of Accountabilities. "We are excited to have established a relationship with a partner having the exceptional resources of an institution like Wells Fargo Business Credit."
About Accountabilities Inc.
Accountabilities is engaged in the Professional Staffing Industry providing accounting through its Accounting/Finance Division and, IT, Engineering and Scientific through its Technical Services Division. Accountabilities, through its Partner on Premise Program, provides accounting (CPA) firms and professional firms and companies the opportunity to partner in Accountabilities staffing network. The company also offers productivity based staffing solutions through its Workforce Solutions Program. http://www.aabilities.com
The statements which are not historical facts contained in this press release are forward-looking statements that involve certain known and unknown risks and uncertainties, including but not limited to, changes in the market for professional staffing services, regulatory and technological changes, changes in levels of unemployment and other economic factors, increased competition, the ability to attract and retain customers, the availability of qualified candidates for placement by the Company and the possibility of the Company incurring liability for activities of the employees and contractors that it places with its customers. The Company's actual results may differ materially from the results discussed in or implied by any forward-looking statement. The words "intend," "expect," "should," "project," "anticipate and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made.