Contact Information: Contact: Jack Eversull The Eversull Group 972-378-7917 972-378-7981 (fax) E-mail: Web Site: www.atsi.net
Wells Fargo Expands Financing for ATSI to $5 Million
| Source: ATSI Communications
SAN ANTONIO, TX--(Marketwire - April 8, 2008) - ATSI Communications, Inc. (OTCBB : ATSX )
today announced that Wells Fargo Business Credit, a division of Wells Fargo
Bank, N.A. (NYSE : WFC ) has increased ATSI's accounts receivable financing
agreement to $5 million. The Company was previously approved for $3
million in December 2007. The expanded facility is reflective of ATSI's
continued financial performance and serves as a low-cost funding source for
growth in the Company's global VoIP business.
Brad LeFevre, VP of Wells Fargo Business Credit, stated, "As expected, our
accounts receivable funding has facilitated the Company's business
expansion. We are very pleased to increase the current facility and
continue supporting ATSI's global growth initiatives."
Antonio Estrada, ATSI's Sr. VP of Finance and Corporate Controller, added,
"We were able to utilize the Wells Fargo financing facility during the 2nd
quarter of Fiscal 2008 that resulted in record revenue and gross profit.
As we head into the final stretch of our fiscal year, the expanded facility
will provide us a valuable cash management tool that will greatly assist us
in continuing our revenue and customer base growth."
ATSI Communications, Inc. operates through its two wholly owned
subsidiaries, Digerati Networks, Inc. and Telefamilia Communications, Inc.
Digerati Networks, Inc. is a premier global VoIP carrier serving rapidly
expanding markets in Asia, Europe, the Middle East, and Latin America, with
an emphasis on Mexico. Through Digerati's partnerships with established
foreign carriers and network operators, interconnection and service
agreements, and a NextPoint powered VoIP network, ATSI believes it has
clear advantages over its competition. Telefamilia Communications provides
specialized retail communication services that include VoIP services to the
high-growth Hispanic market in the United States. ATSI also owns a
minority interest of a subsidiary in Mexico, ATSI Comunicaciones, S.A. de
C.V., which operates under a 30-year government issued telecommunications
license.
The information in this news release includes certain forward-looking
statements that are based upon management's expectations and assumptions
about certain risks and uncertainties that can affect future events.
Although management believes these assumptions and expectations to be
reasonable on the date of this news release, these risks and uncertainties
may cause actual events to differ material from managements those contained
in this news release. The risks and uncertainties include, but are not
limited to, continuing as a going concern, availability and cost of our
present vendors and suppliers, and absence of any change in government
regulations or other costs associated with data transmission over the
Internet or termination of transmissions in foreign countries.