deltathree Secures Additional Working Capital

logo_deltathree.gifdeltathree has successfully negotiated the release of cash previously securing letters of credit held by its landlord and different suppliers. Yesterday, the company executed an agreement with the landlord and subtenant of its offices at 75 Broad Street, New York, N.Y., to release the letter of credit securing the company's obligations under the lease, and to terminate the lease. Along with the recently-negotiated release of other letters of credit held by suppliers of the company, the amount of net cash that the company is expected to imminently receive will be approximately $750,000, based on funds that were restricted as of September 30, 2008, which will provide the company additional short-term capital liquidity to fund its operations.

Posted on Nov 21, 2008  Reviews | Share |  Digg
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