Bestway (NASDAQ:BSTW)
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Bestway, Inc. Announces Amended and Restated Revolving Credit Loan Agreement And
Subordinated Note Extension Agreement
DALLAS, Feb. 26 /PRNewswire-FirstCall/ -- Bestway, Inc. today announced that
the Company amended and restated its Revolving Credit Loan Agreement with
Comerica Bank. In the amendment, Comerica extended the maturity date from May
31, 2005 to May 31, 2006 and modified the interest rate. The amendment adds a
minimum year to date capital expenditure requirement and acquisition
requirement.
The Company also amended the subordinated note payable to O'Donnell & Masur,
L.P. dated October 26, 2001. The amendment extended the maturity date from May
31, 2005 to May 31, 2006.
Bestway, Inc. owns and operates a total of sixty-nine rent-to-own stores located
in the southeastern United States. These stores generally offer high quality
brand name merchandise such as home entertainment equipment, appliances,
furniture and computers under flexible rental purchase agreements that generally
allow the customer to obtain ownership of the merchandise at the conclusion of
an agreed upon rental period.
This press release and the guidance above contain various "forward-looking
statements" that involve risks and uncertainties. Forward-looking statements
represent the Company's expectations or beliefs concerning future events. Any
forward-looking statements made by or on behalf of the Company are subject to
uncertainties and other factors that could cause actual results to differ
materially from such statements. These uncertainties and other factors include,
but are not limited to, (i) the ability of the Company to open or acquire
additional rental-purchase stores on favorable terms, (ii) the ability of the
Company to improve the performance of such acquired stores and to integrate such
opened or acquired stores into the Company's operations, (iii) the impact of
state and federal laws regulating or otherwise affecting rental- purchase
transactions, (iv) the impact of general economic conditions in the United
States and (v) the impact of terrorist activity, threats of terrorist activity
and responses thereto on the economy in general and the rental- purchase
industry in particular. Undo reliance should not be placed on any
forward-looking statements made by or on behalf of the Company as such
statements speak only as of the date made. The Company undertakes no obligation
to publicly update or revise any forward-looking statement, whether as a result
of new information, the occurrence of future events or otherwise.
DATASOURCE: Bestway, Inc.
CONTACT: Beth A. Durrett, Chief Financial Officer, +1-214-630-6655, or
, or David A. Kraemer, President and Chief Executive
Officer, +1-214-630-6655, or , both of Bestway, Inc.