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NEWS RELEASE for October 7, 2002
Contact:
SED International Holdings, Inc.
Mark Diamond, President & COO
770-491-8962
mdiamond@sedintl.com
SED INTERNATIONAL, INC. COMPLETES FINANCING AGREEMENT WITH FLEET CAPITAL
ATLANTA, GA (October 7, 2002) É SED International Holdings, Inc. (OTCBB: SECX) announced today that it has completed a financing agreement with Fleet Capital Corporation to provide asset-based lending. The agreement is initially for three years and has a maximum borrowing capacity of $35 million. The Company may utilize this credit facility to support Domestic and International operations.
"Fleet Capital offered a quality team with the most comprehensive products, services, and geographic scope to serve our Company's requirements. This new agreement will provide SED with the flexibility to maximize the Company's opportunities throughout all of its operations. The three-year agreement is essential for the management team to grow revenues and operate the Company," said Gerald Diamond, CEO and Chairman of the Board of Directors. "We primarily plan on utilizing the credit facility in the U.S. to accelerate vendor payment discounts. We plan to use part of the credit facility to support similar opportunities in Latin America."
Also, the Company stock is now being traded on OTCBB and currently followed by three market makers and can be located on the internet at www.otcbb.com.
About SED International Holdings Inc
SED International, Inc., celebrating twenty-two years in business, is an international distributor and value-added services provider of computer and wireless technology throughout the United States, the Caribbean, and Latin America. The Company has relationships with more than 14,000 value-added resellers, system builders, e-commerce resellers, dealer-agents, and retailers. SED International serves its customers with more than 3,500 products, fulfillment services, finance options, and e-commerce solutions. The Company operates sales and distribution facilities in the U.S., Brazil, Argentina, Colombia, and Puerto Rico. Because the Company has expertise in the computer and wireless industry, SED International is uniquely positioned to leverage the convergence of thesetechnologies. More information about SED International, Inc. can be found at www.sedonline.com.
Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve a number of risks and uncertainties. The Company cautions that various factors, including the factors described under the caption forward-looking statements in the Company's annual report on Form 10-K, could cause actual results to differ materially from the statements contained herein. These factors include the following: business conditions and growth in the personal computer, wireless industry, and general economy; competitive factors including compressed gross profit margins; inventory risks due to shifts in market demand; product availability; changes in product mix; reliance on key vendors or customers; labor strikes; fluctuations in foreign currency exchange rates; income tax legislation; and the risk factors listed from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement. Fleet Capital Corporation, which has more than 20 offices located throughout the United States, provides asset-based loans and a broad array of capital markets products to domestic middle-market companies and their foreign subsidiaries. Fleet Capital is part of FleetBoston Financial Corporation, the nation's seventh largest diversified financial holding company with approximately $191 billion in assets. FleetBoston Financial is the seventh-largest financial holding company in the United States, with assets of $191 billion. The company's principal businesses, Personal Financial Services and Wholesale Banking, offer a comprehensive array of innovative financial solutions to 20 million customers. Through its Personal Financial Services franchise, Fleet offers retail banking, wealth management and investment services, nationwide brokerage, credit card and consumer lending services. These services are available through approximately 1,500 branches and more than 3,500 ATMs in the Northeast; through Fleet HomeLink, one of the nation's leading online banking platforms; and through telephone banking. Fleet is the leading small business services and commercial banking provider in the Northeast. Fleet's Wholesale Banking division provides commercial lending, syndications, leasing, cash management, asset-based finance, foreign exchange and interest rate derivatives to corporate clients. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF) and the Boston Stock Exchange (BSE: FBF).
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