(COMTEX) B: SkyMall Announces $10 Million Line of Credit; Imperial Ba
B: SkyMall Announces $10 Million Line of Credit; Imperial Bank Extends Credit
Line to Fund E-Commerce Business
PHOENIX, Jul 12, 1999 (BUSINESS WIRE via COMTEX) -- SkyMall(R) Inc.
(NASDAQ:SKYM) Monday announced the approval of a $10 million lineof
credit from Imperial Bank.
Under the terms of the loan agreement, $5 million is immediately
available and the remaining $5 million will be available upon SkyMall's
raising a minimum of $15 million in subordinated debt and/or equity.
The credit line will be used to fund SkyMall's on-going e-commerce
strategy. This line replaces SkyMall's previous $3 million credit line
with Imperial Bank.
"We are pleased that Imperial Bank has extended this line of credit,
which allows us to remain on target with our e-commerce strategy,"
stated Robert Worsley, founder and CEO of SkyMall.
"Although we have managed to grow our business significantly over the
years without incurring much debt, the time has come for us to leverage
our position in order to capitalize on our vision to be a market leader
in electronic commerce."
Ed Zito, president of Imperial's Arizona operations added, "We continue
to support the growth strategy of our long-standing customer, SkyMall,
and its e-commerce subsidiary, skymall.com. Being a value-added
financial team player is what Imperial's mission is all about."
SkyMall(R) Inc. (NASDAQ:SKYM), based in Phoenix, capitalizes on
exclusive agreements to create both print and e-commerce solutions for
consumers and merchants. The SkyMall print catalog is currently
available in 70 percent, or 420 million, of all domestic airline seat
pockets and, with the company's e-commerce Web site, makes high-quality
products and services available to millions of shoppers.
For additional information, please visit the company at
www.skymall.com.
About Imperial Bank
With over $6 billion in assets, Imperial Bank is one of the leading
independent business banks with headquarters in California and offers a
wide range of financial services tailored to corporate customers,
entrepreneurs andprofessionals.
Serving mid-sized businesses, Imperial Bank's strategy focuses on
delivering customized financial products and services to manufacturing,
distribution, wholesale, service, import/export, apparel and textile
businesses, in addition to some of the fastest growing industries such
as emerging technology, entertainment, residential construction and
title and escrow.
Founded in 1963 by two California entrepreneurs, Imperial Bank is the
principal subsidiary of Imperial Bancorp (NYSE:IMP), with 12 regional
banking offices located throughout California, in Phoenix and in
Denver.
In addition, Imperial has emerging growth loan offices in Irvine,
Calif.; Menlo Park, Calif.; San Diego; Boston; Austin, Texas; Reston,
Va.; and Bellevue, Wash. Imperial can be found on the Web at
www.imperialbank.com.
This news release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. This
information may involve risks and uncertainties that could cause actual
results to differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include, but
are not limited to, those factors detailed by SkyMall, Inc. in its
filings with the Securities and Exchange Commission.
NOTE TO EDITORS: SkyMall(R) is a registered trademark of SkyMall Inc.
and skymall.com is a trademark of skymall.com inc.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: SkyMall Inc., Phoenix
Stephen R. Peterson, 602/528-8622
spete@skymall.com
Louise M. Kusler, 602/528-3224
lkusler@skymall.com
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