Coach Industries Group Secures $3.5 Million Line of Credit From DaimlerChrysler Services.COOPER CITY, Fla. -- Coach Industries Group, Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CIGI CIGI Computer Image Generator Interface CIGI Career Information Guidance India CIGI Coach Industries Group Inc. ) ("Coach") a holding company focused on providing financial solutions to Commercial Fleet Operators, announced today that the Company has secured a $3.5 million Master Lease Agreement and Body Builder line of credit from DaimlerChrysler Services North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (DaimlerChrysler). The financing facility is a LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). based 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 with interest rates being set on a monthly basis. Frank O'Donnell, Chairman and 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. of CIGI commented, "We are ecstatic that DaimlerChrysler has joined our other strategic partners in providing resources that enable Coach Industries Group to provide business solutions for Commercial Fleet Operators. As we move forward, our relationship with DaimlerChrysler will enable us to complete our corporate and strategic initiatives, thereby creating future shareholder value." Mr. O'Donnell continued on to say, "The Management of CIGI continues to improve the capital structure of the company to facilitate the growth of our business and earnings." According to Susan Weisman, Chief Financial Officer of Coach, "This facility will benefit Coach by increasing our working capital and also allowing us to enhance and expand our overall portfolio of financial services we currently offer to the fleet industry." About Coach Industries Group, Inc. Coach Industries Group, Inc. (OTCBB:CIGI) ("Coach") is a holding company focused on providing financial services to Commercial Fleet Operators. Statements contained herein, other than historical data, may constitute forward-looking statements. When used in this document, the words "estimate," "project," "intends," "expects," "believes" and similar expressions are intended to identify forward-looking statements regarding events and financial trends, which may affect the Company's future operating results and financial position. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. A complete disclosure of all fees paid to PRBroadcast.com is available on the Company's disclaimer page as required by Section 17B of the SEC. The Private Securities Reform Act of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. Certain information included in this press release (as well as information included in written statements to be made) contain statements that are forward-looking, such as those relating to consummation of the transaction, anticipated future revenue of the Company and success of current public offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements. |
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