Contact Information: Investor Relations Jay Pfeiffer Pfeiffer High Investor Relations, Inc. 303.393.7044 Press Relations Sarah Hurp Marketing Manager Evolving Systems +44 1225 478060
Evolving Systems Retires High Interest Subordinated Debt Obligations
| Source: Evolving Systems
ENGLEWOOD, CO--(Marketwire - November 20, 2009) - Evolving Systems, Inc. (NASDAQ : EVOL ), a
leading provider of software solutions and services to the wireless,
wireline and cable markets, today announced it has paid approximately $3.2
million to fully retire its subordinated debt obligations.
The Company used cash on hand and cash from its revolving credit facilities
to retire its subordinated notes well ahead of the May 16, 2011 due date.
The Company had previously made $4.0 million in accelerated payments on its
subordinated debt during 2009 and 2008.
"We have been focused on the early retirement of our higher interest debt
as a means of strengthening our balance sheet, enhancing our bottom line
and redirecting interest savings to support our growth initiatives," said
Thad Dupper, CEO. "Based on our strong financial performance and
expectations for continued positive business trends, we determined that now
was the appropriate time to make this move."
Brian Ervine, CFO, added, "We are pleased to have retired the subordinated
debt obligations well ahead of schedule and without dilution to our
shareholders. With the subordinated debt behind us, we will close 2009
with only a minimal balance on our senior term loan that matures on
February 10, 2010, and will continue to have access to our revolving credit
facility through February 2011."
About Evolving Systems
Evolving Systems, Inc. is a provider of software and services to more than
70 network operators in over 40 countries worldwide. Its portfolio
includes market-leading products for Service Activation, Service
Verification, Dynamic SIM Allocation, Number Portability, Number Inventory
and Mediation solutions. Founded in 1985, the Company has headquarters in
Englewood, Colorado, with offices in the United Kingdom, Germany, India and
Malaysia.
CAUTIONARY STATEMENT
This news release contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, based on current
expectations, estimates and projections that are subject to risk.
Specifically, statements about the Company's financial performance,
potential positive business trends, plans to retire its senior term loan,
potential for interest savings and enhancing its bottom line, and funding
growth initiatives are forward-looking statements. These statements are
based on our expectations and are naturally subject to uncertainty and
changes in circumstances. Readers should not place undue reliance on these
forward-looking statements, and the Company may not undertake to update
these statements. Actual results could vary materially from these
expectations. For a more extensive discussion of Evolving Systems'
business, and important factors that could cause actual results to differ
materially from those contained in the forward-looking statements, please
refer to the Company's Form 10-K filed with the SEC on March 11, 2009, as
well as subsequently filed Forms 10-Q, 8-K and press releases.