FOR IMMEDIATE RELEASE
LOS ANGELES, Calif. - August 31, 2004 - Crave Entertainment Group (CEG) Chief Financial Officer Jim Kavanagh announced today the completion of a new three-year $58 million credit facility with GE Capital Corporation. The package includes a $55 million revolving line of credit for growing working capital needs and a $3 million term-loan for refinancing some existing term and subordinated debt. The previous line of credit with GE Capital was $35 million.
Kavanagh commented, "We are pleased with the continuing relationship with this leading financial institution."
In a related move, the privately held distributor and publisher of entertainment software announced the relocation of its warehouse operations from Rancho Dominguez, California to nearby Carson, California. The newly leased 107,000 square foot facility is more than double CEG's previous capacity.
"The new warehouse facility is an important investment in expanding top quality service to our customers. In addition, the new $58 million credit line complements the larger warehouse facility by providing funding for CEG's continued growth in publishing and distribution," commented Nima Taghavi, chief executive officer of Crave Entertainment Group.
About Crave Entertainment Group:
Based in Los Angeles, California, Crave Entertainment Group is a privately held distributor and publisher of videogame entertainment products. CEG distributes and publishes software for the major console platforms including Game Boy® Advance, Nintendo GameCubeTM, the PlayStation® game console, PlayStation®2 computer entertainment system, and the Xbox® video game system from Microsoft.
PlayStation is a registered trademark of Sony Computer Entertainment Inc. Microsoft and Xbox are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries and are used under license from Microsoft. Nintendo GameCube and Game Boy Advance are trademarks of Nintendo. All other trademarks are the property of their respective owners.