SOURCE: Integrated Management Information (IMI Global)

Integrated Management Information (IMI Global)

April 27, 2011 07:00 ET

Integrated Management Information (IMI Global) Restructures Debt at Favorable Interest Rates

CASTLE ROCK, CO--(Marketwire - Apr 27, 2011) - Integrated Management Information, Inc. (IMI Global) (OTCBB: INMG), a leading provider of verification and Internet solutions for the agricultural/livestock industry under the Where Food Comes From® brand, today announced new loan arrangements that strengthen the Company's balance sheet and reduce the rate of interest on its long-term debt.

John Saunders, president and CEO, said the Company renewed its existing $300,000 term loan for three years at a rate of 6.0%, a significant reduction over the previous rate of 9.0%. In addition, the Company initiated a new $200,000, 10-year loan with Great Western Bank at a rate of prime plus 2.5% -- a current effective rate of 5.75%.

"This new loan package totaling $500,000 enables us to reduce interest expense on our long-term debt while providing us with additional working capital for use in organic growth initiatives as well as potential M&A activity," said Saunders. "This refinancing was made possible by the continued strong financial performance by IMI Global, highlighted by 23% top line organic growth and record profitability in 2010. With expectations for continued progress in 2011, we are looking for opportunities to accelerate our growth through select acquisitions or strategic partnerships."

Silvergrove Advisors LLC acted as financial advisor to IMI Global in the Great Western Bank transaction.

About IMI Global
Founded in 1995, IMI Global is a USDA Process Verified (PVP) company and is a leading provider of verification and Internet solutions for the agriculture industry. Go to www.IMIGlobal.com for additional information. IMI has worked with some of the largest agricultural organizations in the United States, providing web-based applications for verification and identification as well as a range of consulting services tailored to meet each customer's needs.

CAUTIONARY STATEMENT
This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, based on current expectations, estimates and projections that are subject to risk. Forward-looking statements are inherently uncertain, and actual events could differ materially from the Company's predictions. Important factors that could cause actual events to vary from predictions include those discussed in our SEC filings. Specifically, statements in this news release about growth, profitability, bank financing, potential M&A activity and partnerships, leadership, momentum, the demand for, and impact and effectiveness of, the Company's products and services on the marketplace are forward-looking statements that are subject to a variety of factors, including availability of capital, personnel and other resources; competition, governmental regulation of the beef industry, the market for beef and other factors. In addition, financial results for the twelve-month periods are not necessarily indicative of future results. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update its forward-looking statements to reflect new information or developments. For a more extensive discussion of the Company's business, please refer to the Company's SEC filings at www.sec.gov.

Contact Information

  • Company Contacts:

    John Saunders
    Chief Executive Officer
    303-895-3002

    Jay Pfeiffer
    Pfeiffer High Investor Relations, Inc.
    303-393-7044