Access One Receives $4 Million Financing
Commitment From RFC Capital
As Part of a New Financing Agreement Sirco Increases Its
Ownership of Access One to Approximately 40%
STAMFORD, Conn.--(BUSINESS WIRE)--March 15, 1999-- Sirco International Corp.
(NASDAQ:SIRC - news) announced today that, subject to the signing of a definitive agreement, Access
One had reached a new financing agreement with its lender RFC Capital, under which RFC raised its
combined commitment under two loan facilities to over $4 million. As part of the new financing Agreement,
Sirco and Access One executed a share exchange by which Sirco increased its ownership in Access One to
approximately 40%.
Ken Baritz, Access One's CEO stated, ''This new agreement increases RFC's commitment by
approximately $2.25 million. The additional working capital will be targeted primarily to the growth of our
customer base and its conversion from resale to a Virtual Network Platform under our new BellSouth
(NYSE:BLS - news) region-wide UNE-P agreement. In addition to the $4 million commitment and subject
to further terms and conditions, we have $7.5 million available to us under our receivable facility to support
our continued growth and assist in the financing of future acquisitions.''
Steven B. Jaffee, RFC's Chief Executive Officer, stated, ''We are pleased to be able to provide this
additional financing and continue to be impressed by the management team at Access One. With our
financing and their existing systems and management, we believe Access One has the capability to become
one of the leaders in the coming consolidation of the CLEC industry.''
Access One Communications, which first began selling local telephone services in 1996, is a Florida-based
competitive local exchange carrier which provides an integrated suite of telecommunications products to small
and medium sized businesses in the Southeastern United States.
Based in Columbus, Ohio, RFC Capital Corporation employs professionals with experience and knowledge
in telecommunications, structured finance and risk management within deregulated industries. With a
nationwide client base, RFC is providing financing solutions and enhancing the value of telecommunications
companies across North America, and is rapidly expanding into European markets. RFC has been a reliable,
affordable source for working capital, equipment loans and mezzanine funding for carriers, resellers, ISP's
and related telecom companies globally.
Sirco International Corp. is a diversified publicly traded Company with operations organized into three
divisions. Sirco's telecommunications division focuses on developing integrated local and long distance
telephone and Internet services in the converging communications industry. Sirco's retail division sells travel
products, uniforms and technical guides to professional airline crew members and the general public, and
Sirco's wholesale luggage division, designs, imports and markets luggage, sport bags, backpacks, children's
bags and related products.
This release contains forward-looking statements that involve risks and uncertainties. The Company's actual
results may differ materially from the results discussed in the forward-looking statements. Factors that might
cause such a difference include, among others, general economic and business conditions; industry trends; the
loss of major customers; changes in demand for the Company's product; the timing of orders received from
customers; dependence on third party sources of supply; the loss of licenses; availability of management;
availability, terms and deployment of capital; and changes in state or federal governmental regulations of
telecommunications services.
Contact:
Paul Riss, CFO, 203/359-4100
E-mail: priss@sircointl.com
or
Ken Baritz, CEO 954-714-0000
E-mail: kbaritz@accessone.org
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