ATLANTA, Sept. 23 /PRNewswire-FirstCall/ -- SED International Holdings,
Inc. (OTC: SECX.PK) announced today that it has completed a financing
agreement with Wachovia Bank to provide an asset based revolving credit
facility. The agreement is initially for three years and has a maximum
borrowing capacity of $50 million. The Company may utilize this credit
facility to support Domestic and International operations.
"Wachovia offered a quality team with the most comprehensive products,
services, and geographic scope to serve our Company's requirements. Our
relationship with Wachovia dates back to the early 1980's and we are very
proud to once again partner with such a dynamic financial institution. This
new agreement will provide SED with the flexibility to maximize the Company's
opportunities throughout all of its operations. The three-year agreement is
essential for the management team to grow revenues and profit and to operate
the Company," said Jean Diamond, CEO and Chairman of the Board of Directors.
"We primarily plan on utilizing the credit facility to accelerate vendor
payment discounts."
About SED International Holdings, Inc. and Subsidiaries
SED International, Inc., celebrating twenty-five years in business, is an
international distributor and value-added services provider of computer,
consumer electronics and wireless technology throughout the United States, the
Caribbean, and Latin America. The Company has relationships with more than
14,000 value-added resellers, system builders, e-commerce resellers, dealer-
agents, retailers and Rent to Own Stores. SED International, Inc. serves its
customers with more than 3,500 products, fulfillment services, finance
options, and e-commerce solutions. The Company operates sales and
distribution facilities in the U.S., Argentina and Colombia. More information
about SED International, Inc. can be found at http://www.sedonline.com.
Forward-Looking Statements
Statements in this press release regarding the Company's business which
are not historical facts are "forward-looking statements" that involve a
number of risks and uncertainties. The Company cautions that various factors
could cause actual results to differ materially from the statements contained
herein. These factors include the following: business conditions and growth
in the personal computer, wireless industry, and general economy; competitive
factors including compressed gross profit margins; inventory risks due to
shifts in market demand; product availability; changes in product mix;
reliance on key vendors or customers; labor strikes; fluctuations in foreign
currency exchange rates and income tax legislation. The Company undertakes no
obligation to update any forward-looking statement.
SOURCE SED International Holdings, Inc.
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Related links:
http://www.sedonline.com
CONTACT:
Jonathan Elster, Executive Vice President of
SED International Holdings, Inc., +1-770-491-8962, or
Jelster@sedintl.com
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