imJack talks over £500,000 drawdown facility

Troubled school software company imJack is renegotiating a £500,000 drawdown facility as well as looking for alternative funding options to enable the company to keep trading.

The Leeds-based company, formerly known as Amteus, suffered a blow when the coalition Government withdrew matched funding.

In May the company announced that one of its directors, Jeffrey Morris, had agreed to provide a 500,000 drawdown facility for the purposes of working capital.

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But the directors have decided they cannot currently drawdown the facility under its terms. As an interim measure Mr Morris has given the company a 25,000 loan. The group said it is encouraged by the interest from schools and other parties in the company's products.

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