Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Military Resale Group, Inc. (MYRG) -- Ignore unavailable to you. Want to Upgrade?

To: mtnres who wrote (4)	8/15/2003 12:33:42 PM
From: mtnres	Read Replies (1) \| Respond to of 14

Military Resale Group's Debtholders Extend Maturity of Current Debt; Enables Growth COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--July 24, 2003--Military Resale Group, Inc. (OTCBB: MYRG) announced today that debtholders of the Company have converted $520,000 of current debt to long-term debt. $280,000 aggregate principal amount of demand notes with various maturity dates and $240,000 aggregate principal amount of 8% convertible notes, due June 30, 2003, were extended to June 30, 2006. This debt represented approximately 78% of the Company's short-term liabilities at June 30, 2003. As a result of the extension, the Company's remaining short-term liabilities are approximately $150,000, of which $50,000 is convertible to equity. "Military Resale Group is very grateful for the support of its shareholders, and for the faith our noteholders place in the Company, illustrated by their willingness to extend the term of their debt," said Edward Whelan, Military Resale Group's Chief Executive Officer. By converting short-term liabilities to long-term liabilities on our balance sheet, we significantly improved our working capital position, which will help us to move forward with our growth strategy." "We believe our improved balance sheet will enable us to continue our product line expansion , which is key to our continued growth," stated Ethan Hokit, Military Resale Group President. "As our expanded product offerings generate increased revenues without significantly increasing overhead, we expect the Company's profitability should be enhanced." About Military Resale Group, Inc. Military Resale Group, Inc. is a regional marketer and distributor of a wide range of foods and consumer packaged goods to U.S. military base commissaries, which are large supermarket-style stores operated by the Defense Commissary Agency (DeCA). Military Resale Group resells frozen foods, canned and dry goods, meat, poultry, seafood, dairy products, beverages, paper goods, and cleaning supplies from consumer products manufacturers to commissaries, providing commissary patrons a cost savings of up to approximately 30%, a valuable benefit to military personnel and their families. With a focus on unique specialty products, Military Resale Group targets both unfulfilled markets and new niche markets that demonstrate high-growth potential in local retail markets. Military Resale Group leverages its management's 50 years of experience in the military resale market to service commissaries at six major U.S. military installations in Colorado, Wyoming and South Dakota. Headquartered in Colorado Springs, Military Resale Group became a publicly held company in 2001 and believes it is one of the fastest growing companies in the military resale industry. Further information on Military Resale Group is available at www.myrg.net or by calling (719) 391 4564. CONTACT: Military Resale Group, Inc. Ethan Hokit, 719-391-4564 Ehokit@militaryresalegroup.com