Dreams Receives $23 Million in Credit Facilities from Comerica Bank
May 15 2008 - 9:30AM
Business Wire
Dreams, Inc. (AMEX:DRJ) announced today that it has been approved
for up to $23 million dollars in credit facilities with its senior
lender, Comerica Bank. The initial credit provided was $18 million.
The substantial increase comes less than one-year after Dreams
named Comerica Bank as its new senior lender in June 2007. �In
order to execute our business plans, it became apparent that we
needed to secure an appropriate long-term commercial banking
relationship," stated Dreams� President & CEO, Ross Tannenbaum.
"That led us to Comerica Bank last year when we began a successful
credit and non-credit relationship. Since then, Comerica has
continued to support Dreams with a comprehensive suite of merchant
and treasury management solutions to fulfill all of our depository
and disbursement needs. �Comerica�s middle market banking group has
been great to work with. They have been supportive of our corporate
initiatives and have evidenced that support with a significant
increase to our working capital line. The additional funds will
permit our existing business models to remain aggressive and have
the Company execute its 2008 business plan which calls for
generating more than $91 million in consolidated revenues,�
concluded Tannenbaum. DREAMS, INC. trades under the ticker symbol:
AMEX:DRJ www.dreamscorp.com Statements contained in this press
release, which are not historical facts, are forward looking
statements. The forward-looking statements in this press release
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements made herein contain a number of risks and uncertainties
that could cause actual results to differ materially. These risks
and uncertainties include, but are not limited to, specific factors
impacting the Company�s business including increased competition;
the ability of the company to expand its operations and attract and
retain qualified personnel, the uncertainty of consumer�s desires
for sports and celebrity memorabilia; the availability of product;
availability of financing; the ability to sell additional
franchises; and general economic conditions.
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