20 November 2009 - Evolving Systems Retires High Interest Subordinated Debt Obligations
ENGLEWOOD, Colorado - 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 impact of the reverse stock split on stockholders and
the Company and whether the reverse stock split will result in increased interest
by institutional investors are forward-looking statements. These statements
are based on our expectations and are naturally subject to uncertainty and
changes in circumstances. The Company cannot predict what the price of its
stock will be after the reverse stock split occurs or what its earnings per
share will be following the reverse stock split. 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.
CONTACTS:
Investor Relations
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303.393.7044
jay@pfeifferhigh.com
Press Relations
Sarah Hurp
Marketing Manager
Evolving Systems
+44 1225 478060
sarah.hurp@evolving.com
