StarTek, Inc. Announces Expanded Credit Facility
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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