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Most importantly, the Company is focused on growing revenue with both current and new customers through excellence in execution and customer engagement. As part of this focus, the Company is currently engaging with several Manufacturing Representative firms in different regions, which represents an additional sales channel to accelerate growth with limited up front fixed costs.
Chief Executive Officer Ed Smith stated, “I am excited to be a part of this turnaround for the Company. I will also take this opportunity to welcome Rich to SMTC as the new Chief Operating Officer. I have worked closely with Rich in the past, and know him to be a proven and successful business leader. With this addition, we will focus on driving improved quality at our factories and continue to focus on achieving manufacturing efficiencies and supply chain cost reductions. We are becoming a leaner organization, and I believe we are now properly structured to improve our response time and flexibility for our customers.”
PNC Credit Agreement Amendment:
The Company has entered into the Twelfth Amendment to its Revolving Credit and Security Agreement with PNC Bank, National Association (“PNC”). Under this amendment, PNC agreed to amend the financial covenant requirements commencing with the second quarter of 2017. The Company was in compliance with the financial covenants included in the Revolving Credit and Security Agreement as at April 2, 2017. The Company anticipates that it will continue to be in compliance with the amended financial covenants in future periods.
Chief Financial Officer Roger Dunfield stated, “I want to thank PNC for their continued support of SMTC. With this amendment, PNC has provided the necessary support to allow SMTC to execute on our strategic plan to grow the business and better serve our shareholders.”
For full details, see the Form 10-Q to be filed with the Securities and Exchange Commission.
About SMTC Corporation
SMTC Corporation, founded in 1985, is a mid-size provider of end-to-end electronics manufacturing services (EMS) including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, as well as product design, sustaining engineering and supply chain management services. SMTC manufacturing facilities span a broad footprint in the United States, China and Mexico. SMTC services extend over the entire electronic product life cycle from the development and introduction of new products through to the growth, maturity and end-of-life phases. SMTC offers fully integrated contract manufacturing services with a distinctive approach to global original equipment manufacturers (OEMs) and emerging technology companies primarily within industrial, computing and communication market segments. SMTC is a public company incorporated in Delaware with its shares traded on the Nasdaq National Market System under the symbol SMTX.
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