HouseHold Direct Secures More Favorable Funding to Fuel its Consolidation and Expansion Strategies
ATLANTA, July 10 /PRNewswire/ -- HouseHold Direct.com, Inc. (OTC Bulletin Board: BYIT - news). HouseHold Direct announced today the arrangement of a $10 million equity line of credit with New York based DRH Capital and Connecticut based Dutchess Private Equities Fund, L.P., investment funds catering to emerging growth companies. The funding agreement provides for immediate mezzanine financing sufficient to consummate the acquisition of Family Savers, Inc., and to implement the membership conversion and expansion process.
Guided by its advisory banking firm, Hartsfield Capital Group, the Company will aggressively pursue additional industry acquisitions, organic growth and expansion of the Family Savers operation, and deployment of its franchise strategy. The agreement with DRH and Dutchess provides access to larger capital requirements to fuel these ongoing efforts, and will replace the prior commitment from JJ&T Investments, LLC.
According to John Folger, President of HouseHold Direct: ``Over the past few months we have kept the door open to any and all funding opportunities. The terms of the new agreement are more favorable in almost all respects, from the discount rate to the mechanics of pricing, and as such better serve the corporate and shareholder interests. We look forward to a long and profitable relationship with our new funding partners.''
Further information about the lenders can be obtained on the web at: www.dutchessadvisors.com
About HouseHold Direct
The mission of HouseHold Direct is to empower consumers by creating the largest private wholesale shopping network in the world. HouseHold Direct is focused on becoming the dominant and only publicly traded company to represent the presently fragmented industry of independently operated private buying clubs. The Company is pursuing a consolidation and expansion initiative, which ties the acquisition of regionally strategic buying clubs into the implementation of a national franchise program. The resulting network of corporate owned and franchised clubs will be connected through a web platform to centralize administrative functions and enhance the flow of goods and services. Membership, franchising and transactional fees will form the growing revenue base behind the enterprise. Central to the success of this initiative is the ability to offer each member a deeply discounted manufacturer direct pricing model, extensive product information, convenient order fulfillment, in-home delivery and quality customer support. This superior personalized shopping environment and consumer experience creates the compelling incentive to join the network and underscores the Company slogan: ``live much better for much less''.
CONTACT:
E-mail: infohhd@HouseHoldDirect.com
Web Site: Corporate Profile - householddirect.com
CONTACT: Rick McCaffrey, Investor Relations at OTC Financial Network
Toll Free: 888-244-7862 (ext. 621) or 781-444-6100 (ext. 621)
www.otcfn.com/byit or E-mail: rick@otcfn.com
CONTACT: Investor Relations - SmartStockAdvisor.com
E-mail: smartstockadvisor@yahoo.com
CONTACT: Stephan Lovett, President- Hartsfield Capital Group, Inc.,
770-408-9000
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings.
SOURCE: HouseHold Direct.com, Inc.
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