K-tel Announces Credit Facility.MINNEAPOLIS--(BUSINESS WIRE)--May 15, 1998--K-tel International Inc. (Nasdaq:KTEL) Friday announced that K-tel 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. Philip Kives, along with President David Weiner, have agreed to provide a line of credit of up to $8 million to the company. If needed, borrowings under the credit line may be used to pay for operational, marketing and promotional costs related to the company's recently launched on-line music service "K-tel Express" (www.ktel.com). The loan, which is subject to approval by its senior lender, is intended to serve as bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. until such time as the company secures permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. . K-tel International is a vertically integrated developer, marketer and distributor of entertainment and consumer products worldwide. The company markets its product lines either to retailers, wholesalers, distributors or licensees throughout the world, or directly to the consumer via television and other forms of direct response media, including the Internet, which was introduced on May 1. K-tel has active operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, the United Kingdom, Germany and Finland. CONTACT: K-tel International Inc., Calabasas, Calif. Corey Fischer, 818/225-6160 or Coffin Communications Group, Sherman Oaks, Calif. Bill Coffin Bill Coffin is a writer of novels and role-playing games. He is probably best know for his work at Palladium Books at the end of the 1990s on a number of Palladium's lines including Palladium Fantasy, Heroes Unlimited, Systems Failure , 818/789-0100 |
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