SOURCE: iSECUREtrac Corporation

iSECUREtrac Corporation

October 12, 2010 08:00 ET

iSECUREtrac Announces $1,000,000 in Available Credit Facilities Under Revolving Line of Credit

OMAHA, NE--(Marketwire - October 12, 2010) -  iSECUREtrac Corporation (OTCBB: ISEC), a leading provider in electronic monitoring systems and services to assist community corrections agencies, today announced an increase in its Revolving Line of Credit with Crestpark LP, Inc., the Company's primary lender and holder of the outstanding Preferred Stock.

The Company has increased the Revolving Line of Credit to $1,468,788 by re-purposing the undrawn balance of the Equipment Term Loan over to the Revolving Line of Credit. In doing so, the Company increased the Revolving Line of Credit by $368,788 and eliminated the Equipment Term Loan. As of today the Company has in excess of $1,000,000 available on the Revolving Line of Credit.

Management believes that the equipment financing credit available through AHK Leasing, Inc. is sufficient to meet its current and future equipment financing needs. Accordingly, the Equipment Term Loan, which was initially designed as a secondary source of equipment financing, is not required.

According to President and CEO Peter Michel, "Crestpark has been an extremely valuable partner to iSECUREtrac since becoming involved with the company in 2005. The liquidity provided by this credit facility significantly strengthens the Company and when coupled with management's continuing commitment to cost management and optimism about increased future revenues puts the Company in the strongest financial position ever experienced. Furthermore, with the maturity of a number of equipment leases in early 2011, the Company's cash flow requirements will be significantly less in the near future such that the available credit facilities are more than sufficient for the Company to achieve sustainable positive cash flow." 

About iSECUREtrac
iSECUREtrac Corp provides electronic monitoring systems, client management software and supplemental services for use in community supervision. The company's rich stream of reliable data concerning a client's location, movement and status better enables effective compliance management and positive behavior modification. Visit for more information.

Safe Harbor
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to iSECUREtrac Corp. and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, iSECUREtrac's actual results may differ significantly from the results discussed or implied in such forward-looking statements.

Contact Information

  • Company Contact:
    Lincoln Zehr
    Chief Financial Officer
    Email Contact
    (866) 537-0022