Aid Auto Stores announces new revolving credit facility with GE Capital.WESTBURY, N.Y.--(BUSINESS WIRE)--Oct. 28, 1996--Aid Auto Stores Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AIDA (language) AIDA - 1. A functional dialect of Dictionary APL by M. Gfeller. ["APL Arrays and Their Editor", M. Gfeller, SIGPLAN Notices 21(6):18-27 (June 1986) and SIGAPL Conf Proc]. 2. , AIDAW) today announced that the company entered into a new revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with GE Capital, providing for maximum borrowings of $10 million. The revolving credit facility replaces the $6 million credit facility the company had with its previous bank. Commenting on the announcement, Philip L. Stephen, chairman and chief executive officer of Aid Auto Stores Inc., stated, "We are extremely pleased to announce this new relationship with GE Capital Corp., one of the world's leading financial organizations. We feel confident this relationship will assist us in continuing the successful growth of our Superstore Program." Aid Auto Stores Inc. is a major New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. retailer, wholesaler and franchiser of automotive parts and accessories, targeting both the do-it-yourself and commercial markets. The company opened its first Superstore in July 1995 and now owns and operates 19 Aid Auto Stores, 17 of which operate as Superstores. The company will continue to seek additional opportunities in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of metropolitan region and anticipates opening additional Superstores in the near future. Through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Ames Automotive Warehouse Inc., the company supplies automotive aftermarket products for resale to non-automotive chain stores, independent jobbers and installers in the tri-state area. CONTACT: Aid Auto Stores Inc., Westbury Frank Mangano, 516/338-7889 |
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