Volt Information Sciences Reports Update on Accounts Receivable Securitization Program
NEW YORK--(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.
Volt Information Sciences, Inc.
Ron Kochman, 212-704-2400
Source: Volt Information Sciences, Inc.
Released October 3, 2011