Yoshitsu Co., Ltd Announces New Revolving Credit Facility to Support Future Growth
October 31 2022 - 8:00AM
Yoshitsu Co., Ltd (“Yoshitsu” or the “Company”) (Nasdaq:
TKLF), a retailer and wholesaler of Japanese beauty and health
products, as well as sundry products and other products in Japan,
today announced that on September 27, 2022, the Company entered
into a JPY8.15 billion (approximately US$55.82 million) revolving
credit facility agreement (the “Credit Agreement”) with a syndicate
of Japanese banks to support the Company’s growth initiatives.
The Credit Agreement lending syndicate is led by
MUFG Bank, Ltd. and MUZUHO Bank Ltd. and includes 17 bank
participants. Each draw advanced under the Credit Agreement will
bear interest at the then Tokyo Interbank Offered Rate, or TIBOR
plus 0.7 percent per annum. The obligations of the Company under
the Credit Agreement are secured by the accounts receivable of the
Company and are guaranteed by Mr. Mei Kanayama, the Principal
Executive Officer of the Company. The Credit Agreement will
expire on September 29, 2023, unless terminated earlier.
Mr. Mei Kanayama, commented, “We are
pleased to announce the execution of our new revolving credit
facility, as the successful completion of this financing will
enable us to execute on our balanced capital allocation, reinvest
in our business to drive organic growth and continue our
development plans. We believe that this new credit facility, with
its exceptional syndicate of banks, also demonstrates our ability
to access alternative forms of financing and provides us with the
further financial flexibility to scale our business, all of which
may well position us to continue creating additional value for our
shareholders and generate sustainable development in the long
run.”
About Yoshitsu Co.,
Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd
is a retailer and wholesaler of Japanese beauty and health
products, as well as sundry products and other products. The
Company offers various beauty products (including cosmetics, skin
care, fragrance, and body care products), health products
(including over-the-counter drugs, nutritional supplements, and
medical supplies and devices), sundry products (including home
goods), and other products (including food and alcoholic
beverages). The Company currently sells its products through
directly-operated physical stores, through online stores, and to
franchise stores and wholesale customers. For more information,
please visit the Company’s website
at https://www.ystbek.co.jp/irlibrary/.
Forward-Looking Statements
All statements other than statements of
historical fact in this press release are forward-looking
statements, within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations and projections
about future events and financial trends that the Company believes
may affect its financial condition, results of operations, business
strategy, and financial needs. In addition, there is uncertainty
about the further spread of the COVID-19 virus or the occurrence of
another wave of cases and the impact it may have on the Company’s
operations, the demand for the Company’s products, global supply
chains, and economic activity in general. Investors can identify
these forward-looking statements by words or phrases such as “may,”
“will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,”
“plan,” “believe,” “potential,” “continue,” “is/are likely to,” or
other similar expressions. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and in its
other filings with the SEC.
For more information, please contact:
Yoshitsu Co., LtdInvestor
Relations DepartmentEmail: ir@ystbek.co.jp
Ascent Investors Relations LLCTina
XiaoPresidentPhone:
+1-917-609-0333Email: tina.xiao@ascent-ir.com
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