Volt Information Sciences Reports Update on Accounts Receivable Securitization Program
03 Ottobre 2011 - 2:00PM
Business Wire
Volt Information Sciences, Inc. (OTC: VISI) today announced that
it has met its September 30, 2011 reporting requirement under its
$150 million accounts receivable securitization program,
administered by PNC Bank, National Association. The Company intends
to issue a press release providing a business update and certain
selected unaudited financial information with respect to the
quarter ended July 31, 2011 within the next month.
Under the securitization program, accounts receivable related to
the United States operations of the staffing solutions business of
the Company and certain of its subsidiaries are sold from
time-to-time to Volt Funding Corp., which, in turn, sells an
undivided percentage ownership interest in the pool of receivables
to a commercial paper conduit. The Company retains the servicing
responsibility for the accounts receivable.
Volt Information Sciences, Inc. is a leading provider of global
infrastructure solutions in technology, information services and
staffing acquisition for its FORTUNE 1000 customer base. Operating
through an international network of servicing locations, the
Staffing Services Segment fulfills IT, engineering, administrative,
and industrial workforce requirements of its customers, for
professional search and temporary/contingent personnel as well as
managed services programs. Technology infrastructure services
include telecommunications engineering, construction, and
installation; and IT managed services and maintenance.
Information-based services are primarily directory assistance,
operator services, database management, and directory printing.
Visit www.volt.com.
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