JANEL CORPORATION (OTCMKTS:JANL) Files An 8-K Entry into a Material Definitive Agreement
On July 22, 2020, Janel Group, Inc. (“Janel”), a wholly-owned subsidiary of Janel Corporation (the “Company”), and Janel’s wholly-owned subsidiary, Atlantic Customs Brokers, Inc. (“Atlantic”) as borrowers, and the Company as loan party obligor, entered into the Consent, Joinder and Fourth Amendment (the “Amendment”) to the Loan and Security Agreement, dated October 17, 2017 (as heretofore amended, the “Loan Agreement”), with Santander Bank, N.A., in its capacity as Lender. to, and among other changes effected by, the Amendment, (i) Atlantic was added as a new borrower under the Loan Agreement, (ii) acquisition seller financing of up to $1.5 million outstanding at any time was added as permitted indebtedness, and (iii) the Company was permitted to guaranty certain indebtedness of its Antibodies Incorporated subsidiary up to $2,920,400 outstanding at any time.
The information required by this Item 2.03 with respect to the Loan Agreement and Amendment is set forth under Item 1.01 of this Current Report on Form 8-K and is incorporated herein by reference.
About JANEL CORPORATION (OTCMKTS:JANL)
Janel Corporation, formerly Janel World Trade Ltd., is a holding company. The Company, through its subsidiaries, provides logistics services for importers and exporters across the world. It serves industries, such as heavy machinery/project cargo, electronics, household items, textiles, personal effects, and food and perishable items. The Company operates through full service cargo transportation logistics management segment. Its air services include airport to airport/door to door or combination, load consolidation, global air charter service, special handling-heavy lift, oversized cargo, complete documentation services, customs clearance and load tracking, and ocean services include full container load, less-than-container load, non-containerized load, project cargo, port to port/door to door or combination, complete documentation services, customs clearance and load tracking. In addition, the Company provides customs brokerage services.
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