EPSG Significantly Expands Credit Facility with People’s United, a Division of M&T Bank Corporation

Rhea-AI Summary

EPSG has expanded its revolving line of credit with M&T Bank Corporation (NASDAQ: MTB). This expansion includes an increase in credit and a sublimit for new capital expenditures over the next year, effectively doubling EPSG's total available credit. Matthew Byron, President & COO, highlighted M&T's critical support for technological development. Interim CFO Travis Mottet expressed enthusiasm for this partnership, which aligns with their mobile platform development focus, allowing faster scaling of operations.

Positive

• Expansion of credit facility doubles total available credit for EPSG.
• Support from M&T Bank enhances EPSG's operational capabilities.
• Partnership with M&T aligns with EPSG's growth strategy in mobile platform development.

Negative

• None.

MELVILLE, N.Y.--(BUSINESS WIRE)-- EPSG, a leading integrator of merchant payment technology solutions, announced today that it has significantly expanded its existing revolving line of credit (“Credit Facility”) with People’s United, a division of M&T Bank Corporation (“M&T”) (NASDAQ: MTB).

Expansion of the Credit Facility includes an increase to the existing revolving line of credit along with a sublimit to term out any new capital expenditures over the next 12 months. A separate facility was added to convert a portion of the existing line of credit into a term loan, effectively doubling EPSG’s total available credit.

Matthew Byron, President & COO of EPSG, said: “M&T has been a critical partner during our technological development and business expansion, including the build-out of the Company’s new state-of-the-art Network Operations Center. 2021 was a record setting year for the Company, and thanks to M&T, the Company expects continued record-setting growth into 2022 and beyond.”

Travis J. Mottet, Interim CFO of EPSG, said: “We are thrilled to have a partner like M&T who understands our business and vision for the future. Expansion of the Credit Facility aligns perfectly with the Company’s focus on our mobile platform development, and the added liquidity will allow the Company to scale operations at a much faster pace than before. We look forward to continuing this relationship for years to come.”

About EPSG

With a combined 60-year history in payment processing and related merchant services, EPSG is built on three basic principles – integrity, transparency, and commitment. We are experts at integrating today’s complex transaction technologies into one simple platform: providing turnkey, end-to-end payment solutions. EPSG’s solutions are designed to simplify the process and reduce processing costs, while increasing partner revenues by providing value-added services.

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EPSG

Phone: 866-373-2249

Web: https://www.goepsg.com

Travis Mottet, Interim Chief Financial Officer

Email: travis.mottet@goepsg.com

Source: EPSG