Pickups Plus Obtains Additional Financing
THURSDAY, AUGUST 28, 2003 7:00 AM
- BusinessWire
CINCINNATI, Aug 28, 2003 (BUSINESS WIRE) -- Pickups Plus, Inc. (PUPS) a leading retailer and franchiser in the $30 billion truck and SUV aftermarket accessories industry, announced today that in addition to the $180,000 convertible debenture it recently received it has also signed an equity line of credit for up to $2,000,000 of working capital.
To obtain funding for its ongoing operations, the company entered into a Securities Purchase Agreement with one accredited investor on June 25, 2003 for the sale of $180,000 in convertible debentures. The debentures issued bear interest at 5%, mature in two years from the date of issuance, and are convertible into our common stock, at the investors' option at anytime after 90 days from the date of issuance.
In addition to the Securities Purchase Agreement, the company entered into an equity credit line of credit with one investor. The company may, at its discretion, periodically sell to the investor shares of common stock for a total purchase price of up to $2,000,000. The company has filed an SB-2 registration statement with the Securities and Exchange Commission to register the resale of shares issued under the equity line of credit.
Robert White, CFO, stated, "The company expects to use funds generated from the equity line for the growth of the business including advertising, marketing, and general working capital."
Pick-Ups Plus, Inc. is a leading operator and franchiser of retail automotive parts and accessories stores catering to the light truck market, which is considered to be the fastest growing segment of the motor vehicle market in the United States. There are currently six franchised locations in operation and two Company owned-stores. The Company intends to pursue an aggressive expansion strategy by opening additional company-owned stores and franchise locations to become the first nationwide chain in its growing, but highly fragmented industry. For more information about the Company go to www.pickupsplus.com and look for updates in the Chairman's Letter which will be posted monthly.
Safe Harbor Statement: Except for historical information contained herein, the statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, Section 21E of the Securities Act of 1934 and the Private Securities Litigation Act of 1995. Forward-looking statements involve known risk and uncertainties, which may cause the Company's actual results in the future to differ materially from forecasted results.
SOURCE: Pick-Ups Plus, Inc.
Pickups Plus, Inc.
Sean Hayes, 860-633-0377
shayes@Pickupsplus.com |
