PFSweb Completes Renewal of Approximately $40 Million in Credit Facilities
January 07 2009 - 8:00AM
Business Wire
PFSweb, Inc. (Nasdaq: PFSW), an international business process
outsourcing provider of end-to-end web commerce solutions and an
online discount retailer, today announced the renewal of its
financing agreements with Wachovia Bank, N.A. (Wachovia) and Fortis
Commercial Finance NV (Fortis) totaling approximately $40 million
of available credit. PFSweb maintains two financing agreements with
Wachovia, including a $25 million accounts receivable financing
facility to support its Supplies Distributors business, and a $7.5
million accounts receivable and inventory financing facility to
support its eCOST.com business. Both agreements were extended for
two year periods, into calendar year 2011. In addition, the Company
renewed its �7.5 million factoring agreement with Fortis through
March 2010. The Fortis agreement supports Supplies Distributors�
European subsidiary. About PFSweb, Inc. PFSweb develops and deploys
integrated business infrastructure solutions and fulfillment
services for Fortune 1000, Global 2000 and brand name companies,
including third party logistics, call center support and e-commerce
services. The company serves a multitude of industries and company
types, including such clients as LEGO, Discovery Commerce,
Riverbed, Hewlett-Packard, International Business Machines, Hawker
Beechcraft Corp., Rene Furterer USA, Roots Canada Ltd. and Xerox.
Through its wholly owned eCOST.com subsidiary, PFSweb also serves
as a leading multi-category online discount retailer of
high-quality new, "close-out" and manufacturer recertified
brand-name merchandise for consumers and small to medium size
business buyers. The eCOST.com brand markets approximately 200,000
different products from leading manufacturers such as Sony,
Hewlett-Packard, Onkyo, Denon, JVC, Canon, Nikon, Panasonic,
Toshiba, Microsoft, Dyson, Kitchen Aid, Braun, Black & Decker,
Cuisinart, Coleman, and Citizen primarily over the Internet and
through direct marketing. To find out more about PFSweb, Inc.
(NASDAQ: PFSW), visit the company's websites at
http://www.pfsweb.com and http://www.ecost.com. The matters
discussed herein�include forward-looking information under the
Private Securities Litigation Reform Act of 1995, which is subject
to and involves risks and uncertainties, which could cause actual
results to differ materially from the forward-looking information.
PFSweb's Annual Report on Form 10-K for the year ended December 31,
2007 and Form 10-Q for the quarter ended September 30, 2008
identify certain factors that could cause actual results to differ
materially from those projected in any forward looking statements
made and investors are advised to review the Annual and Quarterly
Reports and the Risk Factors described therein. These Risk Factors
include the risk of contract terminations. PFSweb undertakes no
obligation to update publicly any forward-looking statement for any
reason, even if new information becomes available or other events
occur in the future. There may be additional risks that we do not
currently view as material or that are not presently known.
Pfsweb (NASDAQ:PFSW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pfsweb (NASDAQ:PFSW)
Historical Stock Chart
From Jul 2023 to Jul 2024