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Non-Tech : The Source Information Mgmt Co.(SORC)

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To: JanyBlueEyes who wrote (102)2/3/1999 8:05:00 AM
From: JanyBlueEyes  Read Replies (1) of 121
News: Add'l $17 Million Credit

The Source Secures Additional $17 Million in Credit Facilities

ST. LOUIS, Feb. 3 /PRNewswire/ -- The Source Information Management Company (NASDAQ:SORC) announced today it has secured an additional $17 million in credit term facilities from Wachovia Bank, based in Winston-Salem, North Carolina. The financing will be used to complete acquisitions and to execute the purchase of the Company's current operations center located in HighPoint, North Carolina.

The Source Information Management Company currently has a $15 million revolving line of credit that will remain in place. The Company uses the line to fund its Advance Pay Program and other developmental projects. Historically, the Company pays off the line in full, each quarter.

The Company has also negotiated a $4.07 million letter of credit with Wachovia Bank to secure debt related to the recent acquisition of a 350,000 square foot manufacturing facility in Rockford, Illinois, as part of the Company's recent acquisition of MYCO, Inc. The total debt facility is now approximately $36 million.

Commenting on the enhanced relationship with Wachovia, Leslie Flegel, Chairman and Chief Executive Officer of The Source, said, "The extension of our credit facilities with Wachovia is in line with our strategy to aggressively acquire businesses which will enhance our position as a leading 'infomediary' company which facilitates publishers and other front-end vendors to conduct business with retailers efficiently and profitably based on the transmission of critical information."

The Source Information Management Company provides front-end rebate collection and information services to approximately 825 retailers in the United States and Canada via nine offices throughout the continent. The Company's innovative technology and systems have enabled an expansion of its core retail display allowance business, bringing to market both front-end management and interactive communications between vendors and retailers. The Company also provides front-end fixture manufacturing, thus expanding service capabilities to its retailer and vendor clients.

The information contained in this release includes statements regarding matters which are not historical facts (including statements regarding the plans, beliefs or expectations of The Source Information Management Company) which are forward-looking statements.....
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