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Pacific International Enterprises Inc. Signs Final Agreement for Initial $1 Million Line of Credit
LONG BEACH, Calif.--(BUSINESS WIRE)--Nov. 10, 1999--Pacific International Enterprises Inc. (OTC BB:PCIE - news)(OTC BB:PCIEQ - news) and its "The France Group" Division in Goldendale, Wash. is a 300,000 unit capacity, state-of-the-art, board sports manufacturing operation, which includes the in-house brands Twenty Four Seven Snowboards (www.247snow.com), Wake Tech Wakeboards, Rift Snowboards and Microski.
24/7 Snowboards' racing program is acclaimed worldwide, with Olympic Gold Medalist Ross Rebagliati signed to an exclusive snowboard promotional contract through the 2002 Olympics.
PCIE and ALCO Financial Services LLC of Larkspur, Calif. have signed the final loan agreement concerning loans and other credit accommodations to be provided to PCIE in an initial amount of $1 million and management is submitting that document to the Chapter 11 Court on an emergency basis.
The credit facility will provide interim financing for up to $1 million against L/C's and A/R's presented by PCIE to ALCO. The loan closing date is set to occur within 48 hours of receipt of the court's approval of the loan agreement.
Anthony D. Broughton, CFO of PCIE, stated, "We are extremely pleased to have executed this agreement and to be able to bring it before the court. We started these negotiations at the same time that we filed for Chapter 11, Sept. 7, 1999. Obtaining a final position that was satisfactory to PCIE and the many parties, although time consuming and complex, is now final. We look forward to expediting the related aspects of our reorganization plan."
Statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company and dependence on third party suppliers.
CONTACT:
Pacific International Enterprises Inc., Long Beach
Anthony Broughton, 562/424-1295
Fax: 562/424-3605
E-mail: tempy12@aol.com
KEYWORD: WASHINGTON CALIFORNIA
BW0206 NOV 10,1999
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