AllWest Systems International Inc. Executes Letter of Intent for $2.3 Million Line of Credit.DENVER--(BUSINESS WIRE)--Oct. 2, 1998--AllWest Systems International Inc. (OTC/BB: AWTE) Friday announced they have executed a letter of intent to receive a $2.3 million line of credit from Altres Financial. AllWest Systems International plans to utilize this line of credit to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. their existing credit line and finance the current backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. , which is currently at $6 million. "Obtaining this line of credit will give AllWest Systems Inc. a 20% reduction in interest over our current line and give us greater borrowing power to allow us to continue to grow," stated Steven Pickett, chairman and chief executive officer of Allwest Systems International. AllWest Systems International is a holding company for the AllWest group of companies with annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales of $12.7 million. The AllWest group is committed to providing integrated life safety systems, which include fire, security, and sound systems for commercial and public facilities such as hospitals, schools, prisons and military bases. Founded in 1953, AllWest Systems International Inc. has seen a 600% increase in revenues since Steve Pickett became CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. in 1990, growing from $1.8 million to $12.7 million in annual revenues. Included in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to be correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors. |
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