Bullet Sports International Inc. announces that it has obtained new financing for $4.5 million.SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Sept. 1, 1995--Bullet Sports International Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:PARR) announced that its wholly-owned subsidiary, Bullet-Cougar Golf Corp. ("Bullet") has completed an agreement with Deutsche Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Corp., for a revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. in the amount of $4.5 million. Bullet has utilized a portion of this new financing to retire is existing line of credit with Wells Fargo Bank, which totaled approximately $3.5 million. The Deutsche line of credit which is available until Aug. 31, 1997, is secured by a lien on Bullet's inventory and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . Andrew J. Kacic, president and chief executive officer of Bullet Sports International Inc., commented that this new financing "is a positive step toward fulfilling the company's business plan." CONTACT: Bullet Sports International Inc., Scottsdale Andrew J. Kacic, 602/970-6976; Fax: 602/874-0106 |
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