ASTEA INTERNATIONAL INC. (OTCMKTS:ATEA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement.
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by reference.
| Item 2.03 |
Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
extended its Revolving Loan Agreement, Amendment No. 4 to
Revolving Loan Agreement (the “Amendment”) and associated
Revolving Promissory Note (collectively the “Loan Documents”)
with Zack Bergreen, a director of the Company and the Company’s
Chief Executive Officer. to the Loan Documents, Mr. Bergreen will
provide an unsecured $1,000,000 revolving line of credit to the
Company (“Line of Credit”). Amounts outstanding under the Line
of Credit will bear interest at a rate of 7% per annum, payable
monthly. The maturity date of the Line of Credit is May 1, 2018
and the Company may pay all amounts outstanding and terminate the
Loan Documents prior to that time with no penalties. The Loan
Documents contain customary covenants, default provisions and
other provisions. Amendment No. 4 of the Loan Documents was
negotiated at arms-length and approved by the Audit Committee of
the Company’s Board of Directors, and borrowings under the Line
of Credit will be subject to the Audit Committee’s approval. The
proceeds of the borrowings will be used by the Company for
working capital and general corporate purposes.
Form 8-K as Exhibits 10.1, and is incorporated herein by
reference. The description of the terms of the Loan Document is
qualified in its entirety to Exhibit 10.1.
Company and is a party to a Preferred Stock Purchase Agreements
dated September 24, 2008 and June 20, 2014 with the Company.
| Item 9.01 |
Financial Statements and Exhibits.
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incorporated herein by reference.
About ASTEA INTERNATIONAL INC. (OTCMKTS:ATEA)
Astea International Inc. (Astea) develops, markets and supports service management software solutions, which are licensed to companies that sell and service equipment or sell and deliver professional services. The Company operates through three geographical segments: United States, Europe and Asia/Pacific. It offers software and services to automate enterprise business processes through analytical reporting. Its solutions are used in industries, such as information technology; medical devices and diagnostic systems; industrial controls and instrumentation; retail or point-of-sale equipment; heating, ventilation, air conditioning; office equipment; imaging systems; fire and security, gaming or leisure equipment; facilities management; telecommunications, and other related industries with equipment sales and service requirements. Its principal product offerings include Astea Alliance and FieldCentrix Enterprise suites, which integrate and automate sales and service business processes. ASTEA INTERNATIONAL INC. (OTCMKTS:ATEA) Recent Trading Information
ASTEA INTERNATIONAL INC. (OTCMKTS:ATEA) closed its last trading session 00.00 at 2.40 with shares trading hands.