Institutional Financing Finds its Way to AWT
September 19 2007 - 8:20AM
PR Newswire (US)
SOMERSET, N.J., Sept. 19 /PRNewswire-FirstCall/ -- AWT, Inc. (Pink
Sheets: AWTM), is pleased to announce that it has signed agreements
with Wakabayashi Fund, LLC for $1.0 million financing that is
designated for acquisition use. "Our discussions with Wakabayashi
have been for a straight debt piece, but the financing will
probably come in as a hybrid of debt and equity. The structure of
this financing is not set, but I can assure the market, we will not
accept terms that will be toxic to our present investors and the
continued growth of the Company," commented Christopher J. Neill,
CEO. Furthering his comments, "Our debt service coverage on a short
or long-term debt piece will be substantial, just north of 3 to 1."
The Company until recently had relied on founders and investors
monies for project financing, and as a result of moving from the
private sector to the public markets, now has access to
institutional financing. "Bringing both sales and financing
together, this year we are expanding beyond the out-of-pocket
financing and the one-off market for sales, to reach out to
customers via large distribution contracts and to the doctors and
nurses from what is called 'trusted advisor' sales," says Mr.
Neill. "We are very appreciative of the support our investors have
given us, and because of this, our present in-process acquisitions
are coming together quickly. AWT's CFO, Donald Malter stated, "A
long term relationship with Wakabayashi Fund, LLC will not only
benefit the overall shareholder value in the coming months and next
fiscal year, but through out the first part of our five year build
out. We look forward to a continued working relationship."
Wakabayashi Fund, LLC may invest on a principal basis as well as
act as an institutional intermediary to procure capital for
profitable small-cap companies. They provide consulting experience
to help structure a financing so that owners and managers continue
to lead their enterprises and participate in the rewards of future
growth, while at the same time achieving the liquidity to diversify
their personal holdings and fund the next round of company
expansion. Company website: http://www.wakabayashifund.com/ ABOUT
AWT INC AWT Inc, headquartered in Somerset, New Jersey, with
Distribution centers in the USA and Saudi Arabia, is a rapidly
expanding durable medical equipment and supply company. It
distributes state-of-the-art medical equipment to the healthcare
industry, as well as general supplies. AWT Inc is committed to a
more traditional personal service commitment to healthcare and cost
efficiencies for clients, providing superior service and products
to the healthcare world at the lowest possible price and with
delivery times superior to any in the industry. It is equally
committed to always exceeding customer expectations and to
increasing shareholder value. Disclaimer: CAUTIONARY STATEMENT
ABOUT FORWARD-LOOKING STATEMENTS The acquisition financing
described in this press release has not been completed for AWTM at
the time of writing. The agreement calls for the financing to be
raised on a best efforts basis through Institutional Investors
provided by Wakabayashi and possibly through a direct investment
from Wakabayashi Fund, LLC. It is the intention of AWTM to work
with Wakabayashi Fund to complete this financing on a best efforts
basis, at its earliest possible opportunity. If the financing is
not completed, no assurances as to the financial viability of the
company are possible. No guarantee can be made by the company as to
if the acquisitions mentioned herein will actually take place and
close. If the acquisitions do not close where AWTM has purchased,
acquired, or merged with said companies, actual results could
differ materially from those projected in the forward looking
statements. This press release contains "forward-looking
statements," which are statements related to future, not past,
events. In this context, the forward-looking statements often
include statements regarding our goals, plans, projections and
guidance regarding our financial position, results of operations,
market position, pending and potential future acquisitions and
business strategy, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks" or "will."
Any such forward-looking statements are not assurances of future
performance and involve risks and uncertainties that may cause
results to differ materially from those set forth in the
statements. These risks and uncertainties include, among other
things, (a) general economic and business conditions, (b) the level
of strategic partner incentives, (c) the future regulatory
environment, (d) our cost of financing, (e) our ability to complete
acquisitions and dispositions and the risks associated therewith,
and (f) our ability to retain key personnel. These factors, as well
as additional factors, could affect our forward-looking statements.
We urge you to carefully consider this information. We undertake no
duty to update our forward-looking statements, including our
earnings outlook. DATASOURCE: AWT, Inc. CONTACT: Investor
Relations, Michael D. Maley, Managing Director of Expedite
Ventures, +1-585-454-6950, for AWT, Inc. Web site:
http://www.awtmid.com/ http://www.wakabayashifund.com/
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