Thermoview (AMEX:THV)
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ThermoView Industries, Inc. Reports Profitability Strategies for
2005
LOUISVILLE, Ky., April 11 /PRNewswire-FirstCall/ -- ThermoView Industries,
Inc. (AMEX:THV), which designs, manufactures and markets home improvements
under the brand name "THV: America's Home Improvement Company," today made
announcements about its newest retail location, debt restructuring with its
lenders and a deal with Crutchfield Capital Corporation to locate alternative
financing. All three developments are calculated to aid ThermoView achieve its
goal of sustained, long-term growth.
On March 28, 2005, ThermoView began operations for its newest THV Model Store
in Barboursville, West Virginia. ThermoView CEO Charles L. Smith stated, "The
THV Model Store program represents our efforts to expand into smaller,
attractive markets with streamlined retail locations. We believe these low
overhead, THV home improvement stores providing our discounted top- of-the-line
products to strategic market segments could be the standard for how THV
achieves continuous growth." Smith continued, "This newest store, serving the
Greater Huntington, West Virginia market, should provide us valuable experience
in further testing our model store prototype and demographic strategy, as well
as laying the foundation for a wider THV footprint expanding in new directions
and new markets."
On March 31, 2005, ThermoView reached agreements with its lenders to
restructure payment arrangements such that principal payments will not resume
until February 28, 2006. Including other terms in the restructure agreements,
ThermoView will save approximately $1.75 million in free cash flow over the
next year. Smith said that ThermoView intends to use these savings to reduce
payables accumulated over the seasonally slow winter months and to fund
expansion of the THV model store program. The completed restructuring also
established new minimum EBITDA covenants. Smith stated that these new covenants
"will afford us more realistic goals going forward." ThermoView directs
investors to its SEC filing of April 6, 2005 for more specific details of these
agreements.
On April 7, 2005, ThermoView executed an agreement with Crutchfield Capital
Corporation of Houston, Texas, to locate additional or alternative financing
for its operations. Smith explained, "Crutchfield Capital has significant
experience in placing a variety of forms of capital into companies like ours
and should prove instrumental in developing new financial options for our
future. Crutchfield Capital will be working with us closely to explore the
capital markets and reviewing all of our financing options." Smith further
indicated that ThermoView's agreement with Crutchfield Capital requires only a
small initial investment and will not result in any further obligations unless
and until suitable financing is located.
Smith said that he expects in the near future further press releases regarding
the THV Model Store program, including new openings, and a possible update of
ThermoView's exploration of the capital markets.
About ThermoView Industries, Inc.
ThermoView is a national company that designs, manufactures, markets and
installs high-quality replacement windows and doors as part of a full-service
array of home improvements for residential homeowners. ThermoView's common
stock is listed on the American Stock Exchange under the ticker symbol "THV."
Additional information on ThermoView Industries is available at
http://www.thv.com/ .
About Crutchfield Capital Corporation
Crutchfield Capital Corporation is a private investment banking firm which
provides corporate finance services to middle market companies. Services
provided include raising private debt and equity capital; arranging mergers,
acquisitions and divestitures; valuing businesses and corporate securities;
expert witness testimony; and general advisory services related to a variety of
financial matters. Since its founding in 1991, Crutchfield Capital has raised
in excess of $400 million for over 60 companies in a wide range of industries
throughout the United States, and has successfully represented a number of
companies in the sale of their business, or in the purchase of another.
Additional information is available at http://www.crutchfieldcapital.com/ .
Safe Harbor Statement
Statements in this news release that are not descriptions of historical facts
are forward-looking statements that are subject to risks and uncertainties.
Words such as "expect," "intends," "believes," "plans," "anticipates" and
"likely" also identify forward-looking statements. All forward-looking
statements are based on current facts and analyses. Actual results may differ
materially from those currently anticipated due to a number of factors
including, but not limited to our history of operating losses, anticipated
future losses, competition, future capital needs, the need for market
acceptance, dependence upon third parties, disruption of vital infrastructure,
general economic downturn and intellectual property rights. All forward-looking
statements are made pursuant to the Securities Litigation Reform Act of 1995.
Additional information on factors that may affect the business and financial
results of the Company can be found in filings of the Company with the
Securities and Exchange Commission.
Contacts:
David A. Anderson, Chief Financial Officer, ThermoView Industries, Inc.,
502-968-2020.
DATASOURCE: ThermoView Industries Inc.
CONTACT: David A. Anderson, Chief Financial Officer of ThermoView
Industries, Inc., +1-502-968-2020
Web site: http://www.thv.com/
http://www.crutchfieldcapital.com/