Monday September 14, 8:59 am Eastern Time
Company Press Release
Company Closes $120MM Factoring Deal
BLUE BELL, Pa.--(BUSINESS WIRE)--Sept. 14, 1998--Today management announced that they have obtained an agreement from a Florida funding company to provide Tasty Fries (OTC:TFRY - news) with up to $120MM of receivable financing which will allow the company to accomplish two major goals; 1) Expand domestically in North America without disruption of cash flow, and 2) Pursue lucrative International markets with minimum risk of collection problems.
Foreign markets provide a myriad of opportunities for the company including potential direct revenues of $60 per annum as well as licensing agreements, that without factoring would really impede the company's and cash flow.
The deal was struck with the Globus Group of Miami, an eight year old finance company that will allow Tasty Fries to collect 90% of their invoice value (70% immediately and 20% within 30 days).
CEO Ed Kelly was pleased with the deal which will now allow him to start recruiting foreign sales reps and distributors for Tasty Fries in Europe, South America, and Asia where French fry consumption exceeds 120,000 tons per year. The company will now have to revise it's forecasts to adjust for the increase in potential sales allowed by the factoring deal.
Tasty Fies holds the patent on a state-of-the-art robotic vending machine that dispenses freshly-cooked french fries that are hot, crisp, and tasty within 90 seconds. The machines will be placed in high traffic areas like airports, retail stores, rail and bus stations, schools and campuses, For more informations investors can visit www.TastyFries.com, www.GlobusGroup.com or call 877-827-8937 for a free information package.
Contact:
Tasty Fries
Investor Relations, 877/827-8937
Well. 120 MILLION???? I confess I am flabbergasted. |
