September 4, 2007 – Chantilly, VA – AMERICAN SYSTEMS, an employee-owned government and commercial IT solutions provider, today announced that the company has secured a $75 million line of credit from Wachovia Bank, N.A., to support its aggressive acquisition campaign. The agreement between the two companies was finalized in early August.
“Securing this credit facility represents the first step in AMERICAN SYSTEMS’ aggressive growth strategy designed to achieve critical mass in targeted vertical markets through acquisition,” said AMERICAN SYSTEMS president and CEO William C. Hoover. “We intend to capitalize on this by growing our capabilities through the acquisition of companies that share common cultural attributes with AMERICAN SYSTEMS. This credit facility puts us in a favorable position with a strong financial institution, and positions us to secure a much larger syndicated deal when the time is right.”
The company has identified strategic business areas for penetration facilitated by acquisitions in both the government and commercial sectors. In government, AMERICAN SYSTEMS seeks to expand its business in the areas of C4ISR, Readiness, Acquisitions & Logistics, National Security and Citizen Safety. In the commercial sector, the company is targeting the Financial Services, Retail & Travel, Telecommunications, Healthcare and Energy industries.
“We are pleased to have partnered with AMERICAN SYSTEMS during this exciting time in the company’s growth,” said Samuel A. Schreiber, Regional President, Greater Washington, Wachovia, N.A. “The company’s extremely focused growth strategy represents an investment in the future with which we are excited to be involved.”
AMERICAN SYSTEMS has assembled an Acquisition Team comprised of the CEO and eight senior level executives. In addition to responding to companies that have already announced a desire to be acquired and have engaged legal and investment counsel, the Acquisition Team has proactively approached potential acquisition targets that fit the company’s strategic plans.