The agreement with CBA to provide the $5.5 million loan was for the purpose of completing 5G’s Asia Pacific Telecommunications (APTel) acquisition, consolidating lease obligations and to bolster working capital.
With funds on hand, the telecom company is well positioned to deliver on its growth plans and enhance the positive operating cashflows currently being generated.
5G managing director Joe Demase said: “As we announced in October the debt facility has given us the flexibility to both complete this successful acquisition and to enhance our cash position while we strengthen cash flow.
“Both the APTel and Inabox Direct acquisitions have combined to drive our annualised revenue to notable levels circa $55 million.
“This allows 5G Networks to be in a very strong position as we aggressively pursue cloud, digital and data networking opportunities that enhance our current business, both organically and through strategic acquisitions.”
The acquisition of APTel from the Deague Group is now complete with the final $3 million of the $6-million acquisition paid.
APTel has added more than 800 customers to 5G Networks’ customer base representing annualised revenue of $6.4 million.