CHICAGO, Aug. 22 /PRNewswire-FirstCall/ -- Wells-Gardner Electronics Corporation (AMEX:WGA) announced that they have signed a new four year $15 million credit agreement with Wells Fargo Bank of San Francisco. This replaces the $12 million credit facility with LaSalle Bank of Chicago.
"We are delighted to have signed this banking agreement with one of America's legendary banking institutions," said Anthony Spier, Wells Gardner's Chairman and Chief Executive Officer. "This new credit facility recognizes the Company's improving financial performance and supports our long term strategic direction." "This Wells Fargo banking agreement gives the company more financial flexibility," said Jim Brace, Vice President and CFO. "It is a four year agreement which improves our current borrowing availability and provides a maximum credit limit of $15 million, which is an increase of $3 million over the prior credit facility. The higher limit will allow us to finance our expected growth." Founded in 1925, Wells-Gardner Electronics Corporation is a distributor and manufacturer of color video monitors and other related distribution products for a variety of markets including, but not limited to, gaming machine manufacturers, casinos, coin-operated video game manufacturers and other display integrators. During 2000, the Company formed a 50/50 joint venture named Wells-Eastern Asia Displays ("WEA") to manufacture video monitors in Malaysia. In addition, the Company acquired American Gaming & Electronics, Inc. ("AGE"), a leading parts distributor to the gaming markets, which sells parts and services to over 700 casinos in North America with offices in Las Vegas, Nevada, Egg Harbor Township, New Jersey and McCook, Illinois. AGE also sells refurbished gaming machines on a global basis as well as installs and services some brands of new gaming machines in casinos in North America.
This press release contains forward-looking statements within the meaning of the federal securities laws. Those statements include statements regarding the intent, belief or expectations of the Company and its management. Readers are cautioned that the forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those expressed in any forward-looking statement. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, development of competing technologies, availability of adequate credit, interruption or loss of supply from key suppliers, our ability to increase production at our Malaysian joint venture, increased competition, the regulatory process and regulatory and legislative changes affecting the gaming industry. Wells-Gardner assumes no obligation to update the information contained in this release to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. For additional investor information, please contact Jim Brace - Wells Gardner at (708) 290-2120 or Alan Woinski - Gaming Venture Corp., USA at (201) 599-8484. DATASOURCE: Wells-Gardner Electronics Corporation CONTACT: Jim Brace of Wells Gardner, +1-708-290-2120, or Alan Woinski of Gaming Venture Corp., USA, +1-201-599-8484 Web site: http://www.wgec.com/
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