Titan Motorcycle Co. Secures $5 Million Line of Credit
20 April 1998
Titan Motorcycle Co. Secures $5 Million Line of CreditPHOENIX, April 20 -- Frank Keery, chief executive officer of Titan Motorcycle Co. of America (OTC Bulletin Board: TMOT), announced today that the company has secured a new, long-term $5 million revolving line of credit with Wells Fargo Bank. According to Bob Lobban, chief financial officer, the availability of additional funding, on very favorable terms, will facilitate Titan's continued dramatic sales growth and product expansion plans, while enabling the company to better manage cash flow and inventories. "This new relationship with a world-class banking institution represents the achievement of yet another level of financial security for Titan. While in the short term we expect the line of credit to serve us well as a resource toward solidifying supplier relationships, we also recognize the professional association with the bank as a key building block for Titan's future," said Lobban. Founded in 1994, Titan Motorcycle Co. of America is a premier designer, manufacturer and distributor of high-end, American-made, V-twin engine motorcycles marketed under various Titan trademarks. Titan's unique, hand- built configurations, including the Gecko(TM), Roadrunner(TM), Sidewinder(TM), Scorpion(TM), and Coyote(TM), represent the finest available in custom- designed, volume-produced, performance motorcycles. Manufactured at the company's 64,000 square-foot corporate headquarters and manufacturing facility, and available with a variety of customized options and design modifications, Titan large displacement motorcyles are sold through a dealership network of 45 stocking dealers in the United States and 15 international dealers. NOTE: This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 that involve a wide variety of risks and uncertainties, including, without limitation, statements with respect to the Company's strategy and prospects. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, demand for the Company's custom-manufactured performance motorcycles, the Company's ability to continue to develop select markets, the Company's ability to maintain its line of credit, general economic conditions both domestically and abroad, the conduct of business by the Company in foreign markets, and other factors that may be more fully described in additional documents set forth by the Company. SOURCE Titan Motorcycle Co. of America