Kim TVII NEWS $10 Million Financing From GE Equity
Strategic/Financial Relationship Should Benefit ThermoView Customers
And Shareholders
LOUISVILLE, Ky., July 20 /PRNewswire/ -- ThermoView Industries, Inc. ("the
Company")(OTC Bulletin Board: TVII), which designs, manufactures, markets and
installs custom vinyl replacement windows and other home improvement products,
today announced that GE Equity has completed a $10 million investment in
ThermoView.
"We are pleased to welcome GE Equity as an investor in ThermoView
Industries," commented Nelson Clemmens, President of ThermoView Industries,
Inc. "We expect to derive strategic as well as financial benefits from this
new relationship. Our relationship with GE Capital complements our strategic
marketing partnership with Complast, Inc., a Minnesota-based extruder of
COMPOZIT(R) window profiles produced with proprietary engineering
thermoplastic resins engineered by GE Plastics, a division of General Electric
Corporation, and used in our high quality segment of the replacement window
industry. The relationship with GE Equity will allow us to benefit from their
extensive knowledge of the financial markets in our strategic planning for the
21st Century. We hope to broaden our relationship with GE in the future."
"The $10 million investment by GE Equity will further support our strategy
of growth through consolidation of the $7 billion replacement window/door
industry," stated Steve Hoffmann, Chairman and Chief Executive Officer of
ThermoView Industries, Inc. "We have completed 14 acquisitions since becoming
a public company in April 1998 and our annualized revenue 'run rate' now
approximates $120 million."
About ThermoView
ThermoView Industries, Inc., headquartered in Louisville, Kentucky,
designs, markets and installs custom vinyl replacement windows and other home
improvement products, primarily for the existing home market.
About GE Equity
GE Equity, a subsidiary of GE Capital, is the private equity arm of GE.
GE Capital, with assets of more than US$300 billion, is a global, diversified
financial services company with 28 specialized businesses. A wholly-owned
subsidiary of General Electric Company, GE Capital, based in Stamford, CT,
provides equipment management, mid-market and specialized financing, specialty
insurance and a variety of consumer services, such as car leasing, home
mortgages and credit cards, to businesses and individuals around the world.
GE is a diversified manufacturing, technology and services company with
operations worldwide.
This press release includes statements that may constitute "forward-
looking" statements, usually containing the words "believe", "estimate',
"project', "expect" or similar expressions. Forward-looking statements
inherently involve risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not limited to,
continued acceptance of the Company's products in the marketplace, competitive
factors, dependence upon third-party vendors, and other risks associated with
the Company's business activities. By making these forward-looking
statements, the Company undertakes no obligation to update these statements
for revisions or changes after the date of this release.
For further information, please contact Cheryl Bennett at (502) 412-5600
R. Jerry Falkner, CFA, Investor Relations Counsel at (800) 377-9893
or
Barry Gross/Cary Frieden, Gross Capital Associates, Investor Contact
at phone (361) 949-4999 fax (361) 949-0346
Additional information on this Company can be found on the World Wide Web.
thermoviewinc.com
SOURCE ThermoView Industries, Inc.
-0- 07/20/99
/CONTACT: Cheryl Bennett of ThermoView Industries, Inc., 502-412-5600; or
R. Jerry Falkner, CFA, 800-377-9893, Investor Relations for ThermoView
Industries, Inc.; or Investors: Barry Gross or Cary Frieden of Gross Capital
Associates, 361-949-4999, fax, 361-949-0346/
/Web site: thermoviewinc.com
(TVII) |
