BARNSLEY, England — MAM Software Group, a leading provider of business automation and ecommerce solutions for the automotive aftermarket, announced that effective Dec. 31, 2010, the company has prepaid the 7 percent note issued April 2010. The balance of the obligation was settled for $670,000, and the company recorded a gain on the settlement of approximately $52,000.

Commenting on the prepayment, MAM CEO Michael Jamieson said, "During the past several months, the company has been able to increase revenues, profits and cash flow and in October raised $3.3 million of new equity and secured a 3.4 percent term loan for $2 million."

Jamieson added, "This prepayment represents a prudent opportunity to use a portion of the company's cash position. In addition to recording a gain, on the prepayment, the company also will avoid interest payments of approximately $25,000 in this fiscal year and $28,000 in the following year. As we move into calendar year 2011, we are pleased to be able to do so with a strong balance sheet, devoid of these legacy liabilities. We are now squarely in a position to focus 100 percent of our efforts on running and growing our business."

For more information, visit www.mamsoftwaregroup.com.