Creative Technologies receives $15 million credit facility.BROOKLYN, N.Y.--(BUSINESS WIRE)--May 5, 1995--Creative Technologies Corp. (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 :CRTV CRTV Cameroon Radio Television CRTV Cathode Ray Television ) announced today that it has received a $15 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. facility, including a $1 million term loan, from Shawmut Capital Corporation's Chicago office. The facility, which replaces a factoring relationship, provides Creative with increased capital availability to meet its growth requirements and working capital needs at a substantially lower interest expense. In addition, Creative will simultaneously bring its 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 collection activities in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. , resulting in significant cost savings. Richard Helfman, president of Creative said, "We are pleased to begin what we are sure will become a successful long-term relationship with Shawmut. We believe that this facility currently provides us with the best alternative to fund both our seasonal working capital needs and our continued growth in a manner which maximizes shareholder value." Brian Tornow, vice president of Shawmut Capital Corporation said, "Creative Technologies is a rapidly growing, well-managed, profitable company that shares the same core values as Shawmut and as a result makes an excellent addition to our portfolio of customers." The facility was arranged and placed by the Corporate Finance Group of Dresner Investment Services, Inc. of Chicago, Ill. Shawmut Capital Corporation, a subsidiary of Shawmut Bank, N.A., is dedicated to building long term relationships by delivering creative and timely financial solutions to businesses with annual sales volumes ranging from $20.0 million to $1.0 billion. Creative Technologies Corp. designs, manufactures, markets, and distributes small electric appliances that are used in the home kitchen. The company is currently developing market awareness for its unique, patented products through infomercials which are developed and run by the company. Currently Creative's top selling items are a series of fresh pasta While the only basic difference between these names is the shape of the pasta, each pasta is typically matched with a particular sauce based on cooking time, consistency, ability to hold sauce, ease of eating, etc. making machines, which are leading sellers in this category nationwide, and the Grill Grill may refer to: In food:
CONTACT: Creative Technologies Corp. David Guttmann or Richard Helfman 718/492-8400 |
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