Corporate Resource Services, Inc. (OTCBB: CRRS), a national provider of temporary and permanent staffing services (the “Company”) announced today that, effective April 19, 2012 (the “Effective Date”), it increased its maximum aggregate funding capability from $50 million to $67.5 million. Account purchase agreements between Wells Fargo Bank, N.A. (“Wells Fargo”) and several of the Company’s wholly-owned operating subsidiaries were amended and a new participating lender joined with Wells Fargo to make an additional $17.5 million available to the Company. As of the Effective Date, the Company had annualized revenues (unaudited) of approximately $600 million.
“This increase in our funding limit allows CRS to take advantage of opportunities in the market place for both organic and external growth,” said Jay H. Schecter, Chief Executive Officer of the Company.
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