Cosmetic Group U.S.A. Inc. announces new financing arrangement.LOS ANGELES--(BUSINESS WIRE)--March 20, 1995--Cosmetic Group U.S.A. 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 :CUSA CUSA Conference USA (Collegiate Athletic Conference) CUSA Carleton University Students Association (Canada) CUSA Certified Utility Safety Administrator (US National Safety Council) ,CUSAU;BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). :CGU CGU Conditions Générales d'Utilisation (French) CGU Claremont Graduate University (Claremont, CA) CGU Chang Gung University (Taiwan) CGU Canadian Geophysical Union ) Monday reported that it entered into an Account Purchase and Finance Agreement to provide the funds to pay off the balance of approximately $528,000 due to a bank pursuant to working capital advances made under the agreement with the bank. The company was advised by the bank that it was in noncompliance noncompliance failure of the owner to follow instructions, particularly in administering medication as prescribed; a cause of a less than expected response to treatment. noncompliance under its agreement. The company presently owes the bank approximately $450,000 under a term loan. The company and the bank have agreed that this loan would be paid off by June 13. The bank has agreed to waive any existing noncompliance by the company with the provisions of the loan agreement subject to the timely repayment of the term loan. The company believes that it will be able to obtain the funds necessary to pay off the term loan prior to June 13, through the private placement of debt or equity or additional borrowings; however, there is no assurance that the company will be able to refinance the term loan by such date or that the refinancing would be at terms as favorable as those with the bank. Cosmetic Group custom develops, formulates and manufactures a wide range of color cosmetics and other personal care products for customers that market products for sale under their own brand names. In the latter part of 1994, Cosmetic Group introduced a line of professional hair care products which it expects to manufacture and sell under the name ``Zegarelli'' commencing in the first quarter of 1995. CONTACT: Cosmetic Group U.S.A. Inc., Los Angeles Jack Brehm, 818/767-2889 or Radcliffe & Associates, 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 Donald Radcliffe, 212/605-0348 |
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