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Company Press Release, SOURCE: PAGES, Inc.
Tuesday November 18, 12:50 pm Eastern Time
Pages, Inc. Announces $3 Million Financing From Provident BankRed Chip Review Initiates Coverage
ST. PETERSBURG, Fla., Nov. 18 -- PAGES, Inc. (Nasdaq: PAGZ - news) today announced a commitment, subject to completion of final due diligence, in the amount of $3,000,000 from Provident Bank, headquartered in Cincinnati, Ohio. This Subordinated Note agreement is for a term of six years. The proceeds will be used for expansion and related growth opportunities. The transaction is expected to close within thirty days.
S. Robert Davis, Chairman, stated, "Pages is very pleased to establish a new banking relationship with Provident Bank. We are extremely excited about the early results from our newly introduced Pages PLUS and Good Book fairs. This additional financing will allow us to pursue the national rollout of these programs in the Spring 1998 season."
In the last six months the Company has raised an additional $1,400,000 in a combination of Subordinated Debentures and Common Stock, including $500,000 from Chairman S. Robert Davis.
The Red Chip Review, initiated coverage today with a "B" rating. "This financing is significant as it allows the operation to build the necessary inventory to promote the additional fairs so necessary for growth," Marc Robins, CFA. PAGES, Inc. creates, publishes and sells leisure-based books and curriculum-related materials to schools, libraries and school children throughout the United States. Visit PAGES' web site at pagesinc.com
The preceding contains a ``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995. The statements contained in this release that are not historical facts are forward looking statements. Actual results may differ from those projected in the forward looking statements. These forward looking statements involve risks and uncertainties. Investors are also directed to other risks discussed in documents filed by the Company with the Securities and Exchange Commission. The Company assumes no obligation to update the information included in this presentation.
SOURCE: PAGES, Inc.
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