Pick-ups Plus, Inc. Enters Into $5 Million Financing AgreementMASON, Ohio--April 16, 2001--Pickups Plus, Inc. (OTCBB:PUPS), a leading retailer and national franchiser in the truck and SUV aftermarket accessories industry, is pleased to announce today that it has recently secured a financing commitment for a $5 million equity line of credit.
Under the terms of the agreement, Cornell Capital Partners L.P., a New York based private institutional investor, has committed, subject to certain conditions and limitations, to purchase up to $5 million of Pickups Plus common stock over the next twenty-four months.
John Fitzgerald, Chairman and President, stated, "We are extremely pleased to be working with Cornell Capital and we intend to use the financing to enable us to improve our franchising system, add additional store locations and develop a more aggressive marketing plan."
Pickups Plus sells all major brands of popular pick-up and SUV accessories at its stores. It features quality name brands such as Westin, Penda, Lund, GTS, Smittybuilt and hundreds of other manufacturers to match makes and models of vehicles from General Motors , Dodge/Jeep , Ford and leading imports. Pickups Plus also installs almost everything it sells, onsite. Visit Pickups Plus website at www.pickupsplus.com.
About Pickups Plus
Founded in 1993, Pickups Plus is a leading national franchiser of retail stores dedicated to the sale and installation of quality aftermarket accessories for pickup trucks and SUVs. Pickups Plus currently operates three corporate retail stores and has another seven franchise stores, throughout seven states. After several years of extensive development and testing of its franchise system, the Company intends to start a nationwide expansion to be first-to-market in its growing, but highly fragmented industry made up almost entirely of small, independent, non-branded shops.
This news release contains forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, Section 21E of the Securities Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties which can cause actual results to differ materially from those described in the forward looking statements. These risks and uncertainties are contained in the Company's reports to the Securities and Exchange Commission available via Edgar.