Machine-to-machine (M2M) products and services provider Numerex Corp. has repaid all but $500 thousand of its remaining $2 million of long-term structured debt, the company announced Nov. 4.
    Part of the transaction included a conversion of $1.047 million of its debt into an aggregate of 225,296 shares of class A common stock.
    "This final transaction significantly strengthens the company’s balance sheet and simplifies its capital structure. The series of borrowings from 2004 through 2006 was very timely and assisted us greatly in executing our growth strategy. The shift in our strategy to de-emphasize low margin hardware sales and focus on our key M2M subscription-based business has generated excess cash and reduced working capital requirements. As a result, in the past four months, we have retired $9 million in long-term structured debt while improving current ratios. Also, we believe that this debt reduction will prove accretive," said Alan Catherall, CFO of Numerex, in a statement.
    The remaining balance of Numerex’s debt is scheduled to be paid on Jan. 29.