Volt Information Sciences Reports Update on Short-Term Financing Program

  Volt Information Sciences Reports Update on Short-Term Financing Program

Business Wire

NEW YORK -- January 30, 2013

Volt Information Sciences, Inc. (OTC: VISI) today announced the extension to
February 28, 2013 of the financing facility and the requirement to provide
audited financial statements for its fiscal 2009 and 2010 years under its $150
million short-term financing program. The underlying borrowing agreement was
also extended to February 28, 2014 from its previous January 31, 2014
expiration date. The due date for audited financial statements for fiscal 2011
of May 31, 2013, and the due date for audited financial statements for fiscal
2012 of September 30, 2013, are unchanged. The Company’s short-term financing
program provides for Company borrowing secured by receivables related to its
staffing services business.

The Company also announced that its $42 million revolving credit agreement
(“Short-Term Credit Facility”) was amended primarily to extend the expiration
date to March 31, 2015, increase the borrowing amount available to $45
million, remove the financial ratio covenants, increase the amount that may be
used for letters of credit to $25 million, and require minimum liquidity of
$15 million in unrestricted cash or Short-Term Financing Program borrowing
availability. The amendment also removed certain limitations previously placed
on incurring additional indebtedness, the level of annual capital
expenditures, the amount of investments, including business acquisitions and
mergers, and the amount of loans that may be made by the Company to its
subsidiaries. The Short-Term Credit Facility is cash collateralized.

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.

Contact:

Volt Information Sciences, Inc.
James Whitney, 212-704-7921
voltinvest@volt.com
 
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