SPAR Group Announces New Credit Facility
SPAR Group Announces New Credit Facility
Jan 28, 2003
SPAR Group Announces New Credit Facility
"We have had a long-term relationship with Whitehall and look forward to continuing to work with them. This new credit facility provides SPAR with increased financial flexibility to support the company's working capital requirements, technology investments and strategic growth expansion that includes acquisitions," said Robert Brown, chairman and chief executive officer.
He noted that the new credit facility provides more favorable interest rates and terms, reflecting the company's solid financial position.
"We recognize SPAR is a leader in the merchandising industry and we are pleased to continue our relationship by providing the financial resources necessary to achieve management's growth objectives," said Warren Mino, president and chief operating officer of Whitehall Business Credit Corporation.
Whitehall Business Credit Corporation is a subsidiary of Webster Bank, a Connecticut-based bank with $13 billion in assets.
SPAR Group, Inc. a diversified marketing services company, providing a broad array of productivity enhancing products and services to help Fortune 1000 companies improve their sales, operating efficiency and profits. SPAR is organized into two operating divisions. The Merchandising Division provides in-store merchandising, database and research services to general retail, mass market, drug, and grocery chains. SPAR's International Division, through a joint venture with a large Japanese wholesaler, provides in-store merchandising services to the Japanese market.
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. The Company's actual results could differ materially from those indicated by such statements as a result of various factors, including the continued building of sales momentum, the success of marketing its Internet application software products and other factors discussed in SPAR Group's Form 10-K, Form 10-Q, and other filings made with the SEC from time to time.
SPAR Group Announces New Credit Facility
TARRYTOWN, N.Y, Jan. 28, 2003--SPAR Group, Inc. (Nasdaq:SGRP) today announced it has entered into a new three-year, $15.0 million revolving credit facility with Whitehall Business Credit Corporation, based in New York City. The credit facility replaces a previous $15.0 million credit line with the same institution, which formally operated under the name IBJ Whitehall Business Credit Corporation."We have had a long-term relationship with Whitehall and look forward to continuing to work with them. This new credit facility provides SPAR with increased financial flexibility to support the company's working capital requirements, technology investments and strategic growth expansion that includes acquisitions," said Robert Brown, chairman and chief executive officer.
He noted that the new credit facility provides more favorable interest rates and terms, reflecting the company's solid financial position.
"We recognize SPAR is a leader in the merchandising industry and we are pleased to continue our relationship by providing the financial resources necessary to achieve management's growth objectives," said Warren Mino, president and chief operating officer of Whitehall Business Credit Corporation.
Whitehall Business Credit Corporation is a subsidiary of Webster Bank, a Connecticut-based bank with $13 billion in assets.
SPAR Group, Inc. a diversified marketing services company, providing a broad array of productivity enhancing products and services to help Fortune 1000 companies improve their sales, operating efficiency and profits. SPAR is organized into two operating divisions. The Merchandising Division provides in-store merchandising, database and research services to general retail, mass market, drug, and grocery chains. SPAR's International Division, through a joint venture with a large Japanese wholesaler, provides in-store merchandising services to the Japanese market.
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. The Company's actual results could differ materially from those indicated by such statements as a result of various factors, including the continued building of sales momentum, the success of marketing its Internet application software products and other factors discussed in SPAR Group's Form 10-K, Form 10-Q, and other filings made with the SEC from time to time.
Contacts:
Charles Cimitile, 914/332-4100
or
PondelWilkinson MS&L
Gary S. Maier, 323/866-6024