New Funding to Enable Company to Increase Sales of Sound Systems
SPRINGFIELD, Mo., Aug. 16 /PRNewswire-FirstCall/ -- SLS International (AMEX:SLS), a leading provider of premium quality sound systems for professional (recording studio, concert, etc.), cinema and home entertainment markets, announced today that it has entered into a revolving credit agreement, with an institutional investor, to provide up to $2 million to fund certain inventory and accounts receivable. The principal balance of the loan is due and payable on August 1, 2007. The credit facility is expected to enable the Company to increase sales of its sound systems to retailers and professional customers.
"We believe that this line of credit will enable us to fulfill commitments with the Company's key customers," said John Gott, SLS International's Chief Executive Officer. "With strong demand for the Company's Cinema Series loudspeaker systems and our Q Line and other Home Theater products, this financing will allow us to continue to increase sales in a manner which is non-dilutive for our shareholders." About SLS Based in Ozark, Mo., SLS International, Inc. is a 30-year-old manufacturer and developer of new proprietary patent-pending ultra-high fidelity Ribbon Driver loudspeakers, patented Evenstar Digital Amplifiers and sound systems for the commercial, home entertainment, professional and music markets. SLS has perfected the ribbon-driver technology enabling their loudspeakers to achieve exceptional inner detail and accuracy with 20% to 30% less distortion of typical compression driver and dome tweeters. SLS speakers and systems are used in high-profile venues such as NBC/MSNBC's 2002 and 2004 Olympics studios, the Recording Academy's Grammy Producers SoundTable events, and for the NAMM winter show, providing sound in the AVID Technology booth just to name a few. For more information, visit http://www.slsaudio.com/.
Safe Harbor Matters discussed in this press release contain forward-looking Statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company with the Securities and Exchange Commission. DATASOURCE: SLS International CONTACT: Andrew Hellman of CEOcast, Inc., for SLS International, +1-212-732-4300 Web site: http://www.slsaudio.com/
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