CoActive Marketing Closes $6 Million Financing Agreement.Business Editors GREAT NECK, N.Y.--(BUSINESS WIRE)--May 18, 2001 CoActive co·ac·tion n. 1. An impelling or restraining force; a compulsion. 2. Joint action. 3. Ecology Any of the reciprocal actions or effects, such as symbiosis, that can occur in a community. Marketing Group, 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 SmallCap: CMKG), a full service marketing, sales promotion and interactive services company, announced today that it has closed a three-year, $6 million financing agreement with a major banking institution, consisting of a $4 million term loan to be amortized in equal quarterly installments over 36 months, and a $2 million 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. line. The agreement replaces a former line of credit and provides the company with a more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. rate of interest. The company has borrowed $5 million under the new agreement, the proceeds of which were used to pay off the approximately $4.5 million loan balance with its former lender. The remainder was used to increase working capital. John P. Benfield, president and chief executive officer of CoActive Marketing Group, said, "This agreement enables us to continue our expansion program, strengthens our balance sheet and provides resources necessary to maintain our revenue growth." CoActive Marketing Group is a full service marketing, sales promotion and interactive services company which develops and manages integrated marketing, sales and promotion programs at both national and local levels for consumer product companies. The programs are geared towards growing incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. sales and profits by identifying and addressing key trade, sales and consumer needs. Any statements contained in this news release regarding expected financial results and other planned events 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. , subject to uncertainties and risks, including, but not limited to, the demand for and implementation of CoActives services, and the ability of the company to successfully implement it strategies, each of which may be impacted, among other things, by economic and or competitive conditions. |
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