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Microcap & Penny Stocks : Ames Department Stores (AMES) -- Ignore unavailable to you. Want to Upgrade?

To: Arthur Tang who wrote (1862)	7/2/2001 2:05:24 PM
From: Art Baeckel	Read Replies (1) \| Respond to of 1911

Ames Completing New $75 Million Credit Facility From Kimco Realty Additional Financing Will Increase Liquidity for Retail Operations ROCKY HILL, Conn., Jul 2, 2001 (BUSINESS WIRE) -- Ames Department Stores, Inc. (NASDAQ: AMES chart, msgs), announced today that it is finalizing arrangements with Kimco Realty Corp. (NYSE: KIM chart, msgs) for up to $75 million in new funding that will be available to Ames for general corporate purposes. The new agreement contemplates that Kimco will provide Ames up to $75 million, secured by leasehold interests on certain Ames stores. Funding would be at competitive interest rates, and other considerations. The financing will be available for Ames' unrestricted use for working capital and general corporate purposes, and will provide increased liquidity for Ames' retail operations. "This new funding from Kimco will give us additional resources to meet the needs of our vendors and other partners," said Ames Chairman and Chief Executive Officer, Joseph R. Ettore. "It continues Ames' drive to use creative approaches that maximize the full potential of our resources. Together with continued growth in our retail margins, and reductions in SG&A expenses, this new funding from Kimco will substantially improve our liquidity as we enter the "Back to School" selling season." Kimco's Chief Executive Officer Milton Cooper commented, "We've enjoyed a long and productive relationship with Ames as the landlord of a number of their store locations. We look forward to this new relationship which provides Ames with additional resources to help it achieve its longer term potential." Ames Department Stores, Inc., a FORTUNE 500(R) company, is the nation's largest regional, full-line discount retailer with annual sales of approximately $4 billion. With 452 stores in the Northeast, Mid-Atlantic and Mid-West, Ames offers value-conscious shoppers quality, name-brand products across a broad range of merchandise categories. For more information about Ames, visit www.AmesStores.com or www.espanol.AmesStores.com. Kimco Realty Corp., a publicly traded real estate investment trust, has specialized in shopping center acquisitions, development and management for more than 30 years. Kimco currently owns and operates the nation's largest portfolio of neighborhood and community shopping centers, with interests in 495 properties comprising approximately 66 million square feet of leaseable space located throughout 41 states. Cautionary Statement Regarding Forward-looking Information Statements, other than those based on historical facts which address activities, events, or developments that the Company expects or anticipates may occur in the future are forward-looking statements which are based upon a number of assumptions concerning further conditions that may ultimately prove to be inaccurate. Actual events and results may materially differ from anticipated results described in any forward-looking statements. The Company's ability to achieve such results is subject to certain risks and uncertainties. Consequently, these cautionary statements qualify all of the forward-looking statements and there can be no assurance that the results or developments anticipated by the Company will be realized or that they will have the expected effects on the Company or its business or operations. Contact: Ames Department Stores, Inc. Mary McCabe 860-257-2590 Kathleen Moloughney 917-334-6808 News provided by COMTEX User Agreement