StarTek, Inc. Announces Expanded Credit Facility

Mon Jul 6, 2009 12:36pm EDT
 
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New Credit Facility Expanded to $15 Million
DENVER--(Business Wire)--
StarTek, Inc. (NYSE: SRT), a high value business process outsourcing (BPO)
services provider, today announced that it has entered into a new expanded
credit facility for up to $15 million with UMB Bank Colorado, N.A. The credit
facility is effective July 1, 2009, through August 1, 2010, and replaces the
Company`s $10 million facility with Wells Fargo Bank, N.A. which expired on June
30, 2009. 

Larry Jones, StarTek`s President and Chief Executive Officer commented, "We are
pleased to have secured this expansion to our credit facility, and to be working
with UMB Bank. We are thankful for the confidence that UMB has placed in
StarTek`s strategic direction and improving financial performance, particularly
in light of current credit market conditions. We believe this facility provides
the Company with the necessary capital to execute on its near term strategic
objectives." 

Mariner Kemper, UMB Chairman and Chief Executive Officer commented, "We are
excited about this new relationship, and look forward to partnering with StarTek
as they continue to execute on their turnaround strategy. We believe in
management`s growth strategy and hope to support StarTek`s banking needs for
years to come." 

About StarTek

StarTek, Inc. (NYSE: SRT) is a leading provider of high value business process
outsourcing services to the communications industry. Since 1987 StarTek has
partnered with its clients to solve strategic business challenges so that
fast-moving businesses can improve customer retention, increase revenue and
reduce costs through an improved customer experience. These robust solutions
leverage industry knowledge, best business practices, highly skilled agents,
proven operational excellence and flexible technology. The StarTek comprehensive
service suite includes customer care, sales support, complex order processing,
accounts receivable management, technical support and other industry-specific
processes. Headquartered in Denver, Colorado, StarTek provides these services
from 19 operational facilities in the U.S., Canada and the Philippines. For more
information visit the Company`s website at www.startek.com or contact us at
800-541-1130. 

About UMB Bank

UMB Financial Corporation (NASDAQ: UMBF) is a financial services holding company
headquartered in Kansas City, Mo., offering complete banking, asset management,
health spending solutions and related financial services to both individual and
business customers nationwide. Its banking subsidiaries own and operate 138
banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma,
Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB
Bank, N.A., include a fund services group based in Milwaukee, Wis.,
single-purpose companies that deal with brokerage services and insurance and a
registered investment advisor that manages the company's proprietary mutual
funds. 

Forward-Looking Statements

The matters regarding the future discussed in this news release include
forward-looking statements as defined in the Private Securities Litigation
Reform Act of 1995. Such statements are subject to a number of risks and
uncertainties. 

The following are important risks and uncertainties relating to StarTek's
business that could cause StarTek's actual results to differ materially from
those expressed or implied by any such forward-looking statements. These factors
include, but are not limited to, risks relating to unfavorable economic
conditions, inability to renew or replace sources of capital funding, the value
of the Company`s investment securities, reliance on two significant customers,
consolidation of customers, trend of communications companies to out-source
non-core services, dependence on and requirement to recruit qualified employees,
labor costs, need to retain key management personnel, lack of success of our
clients` products or services, the Company`s productivity and utilization, a
pending securities suit, risks related to our contracts, decreases in numbers of
vendors used by clients or potential clients, inability to effectively manage
growth, risks associated with advanced technologies, highly competitive markets,
foreign exchange risks and other risks relating to conducting business outside
North America, lack of a significant international presence, geopolitical
military conditions, interruption to our business, and increasing costs of or
interruptions in telephone and data services, a volatile stock price, compliance
with Sarbanes-Oxley Act of 2002 requirements. Readers are encouraged to review
Management's Discussion and Analysis of Financial Condition and Results of
Operations - Risk Factors and all other disclosures appearing in the Company's
Form 10-K for the year ended December 31, 2008, and subsequent filings with the
Securities and Exchange Commission. 





StarTek, Inc.
INVESTOR RELATIONS CONTACT:
Julie Pierce, 303-262-4587
Director of SEC Reporting
julie.pierce@startek.com



Copyright Business Wire 2009

 

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