SPAR Group, Inc. (NASDAQ: SGRP), a leading global provider of
merchandising and marketing services, announced that it has
increased and extended the terms of its current line of credit.
Under the more favorable terms of the amendment, the maximum amount
of the line of credit increased by $2 million to $18 million and
the length of the term was extended by 18 months to October 2023.
In addition, the minimum interest rate decreased by 150 basis
points to 5.25% and facility and early termination fees were
substantially reduced.
“We were able to increase the commitment amount
while gaining more favorable terms and conditions, which will
result in more than a 20% reduction in the interest rate, provide
increased financial capacity and greater flexibility to support our
growth initiatives,” stated Mike Matacunas, President and Chief
Executive Officer. “We highly value the partnership with our
lenders and appreciate their continued support of our business and
strategy. Their continued confidence is a testament to the strength
of our balance sheet and cash flow generation.”
About SPAR Group
SPAR Group is a leading global merchandising and
marketing services company, providing a broad range of services to
retailers, manufacturers and distributors around the world.
With more than 40+ years of experience, 20,000+ merchandising
specialists around the world, an average 200,000+ store visits a
week and long-term relationships with some of the world’s leading
manufacturers and retail businesses, we provide specialized
capabilities across more than 10 countries. Our unique
combination of scale, merchandising and marketing expertise and
unwavering commitment to excellence, separate us from the
competition.
For more information, please visit the SPAR Group's website at
http://www.sparinc.com.
Forward-Looking Statements
This Press Release contains "forward-looking statements" made by
SPAR Group, Inc. ("SGRP", and together with its subsidiaries, the
"SPAR Group" or the "Company"), filed with SEC in a Current Report
on Form 10-K by SGRP, contained in SGRP's Annual Report on Form
10-K for the year ended December 31, 2020 (the "2020 Annual
Report"), and SGRP's definitive Proxy Statement respecting its
Annual Meeting of Stockholders to be held on June 2, 2021 (the
"Proxy Statement"), which SGRP plans to file with the SEC on or
around May 7, 2021, and SGRP's Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K and other reports and statements as and
when filed with the SEC (including the Annual Report and the Proxy
Statement, each a "SEC Report"). "Forward-looking statements" are
defined in Section 27A of the Securities Act of 1933, as amended
(the "Securities Act") and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), and other applicable
federal and state securities laws, rules and regulations, as
amended (together with the Securities Act and Exchange Act,
collectively, "Securities Laws").
The forward-looking statements made by the Company in this Press
Release may include (without limitation) any expectations, guidance
or other information respecting the pursuit or achievement of the
Company's corporate strategic objectives (growth, customer value,
employee development, greater productivity & efficiency, and
earnings per share). Building upon the Company's strong foundation,
leveraging compatible global opportunities, growing the Company’s
client base and contacts, continuing to strengthen the Company’s
balance sheet, growing revenues and improving profitability through
organic growth, new business developments and strategic
acquisitions, and continuing to control costs. The Company's
forward-looking statements also include, in particular and without
limitation, those made in "Business", "Risk Factors", "Legal
Proceedings", and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Annual
Report. You can identify forward-looking statements in such
information by the Company's use of terms such as "may", "will",
"expect", "intend", "believe", "estimate", "anticipate",
"continue", "plan", "project" or similar words or variations or
negatives of those words.
You should carefully consider (and not place undue reliance on)
the Company's forward-looking statements, risk factors and the
other risks, cautions and information made, contained or noted in
or incorporated by reference into this Press Release, the Annual
Report, the Proxy Statement and the other applicable SEC Reports
that could cause the Company's actual performance or condition
(including its assets, business, clients, capital, cash flow,
credit, expenses, financial condition, income, liabilities,
liquidity, locations, marketing, operations, performance,
prospects, sales, strategies, taxation or other achievement,
results, risks, trends or condition) to differ materially from the
performance or condition planned, intended, anticipated, estimated
or otherwise expected by the Company (collectively, "expectations")
and described in the information in the Company's forward-looking
and other statements, whether express or implied. Although the
Company believes them to be reasonable, those expectations involve
known and unknown risks, uncertainties and other unpredictable
factors (many of which are beyond the Company's control) that could
cause those expectations to fail to occur or be realized or such
actual performance or condition to be materially and adversely
different from the Company's expectations. In addition, new risks
and uncertainties arise from time to time, and it is impossible for
the Company to predict these matters or how they may arise or
affect the Company. Accordingly, the Company cannot assure you that
its expectations will be achieved in whole or in part, that the
Company has identified all potential risks, or that the Company can
successfully avoid or mitigate such risks in whole or in part, any
of which could be significant and materially adverse to the Company
and the value of your investment in SGRP's Common Stock.
You should carefully review the risk factors described in the
Annual Report (See Item 1A – Risk Factors) and any other risks,
cautions or information made, contained or noted in or incorporated
by reference into the Annual Report, the Proxy Statement or other
applicable SEC Report. All forward-looking and other statements or
information attributable to the Company or persons acting on its
behalf are expressly subject to and qualified by all such risk
factors and other risks, cautions and information.
The Company does not intend or promise, and the Company
expressly disclaims any obligation, to publicly update or revise
any forward-looking statements, risk factors or other risks,
cautions or information (in whole or in part), whether as a result
of new information, risks or uncertainties, future events or
recognition or otherwise, except as and to the extent required by
applicable law.
Contact:
Dave Mossberg
(817) 310-0051
Spar (NASDAQ:SGRP)
Historical Stock Chart
From Apr 2024 to May 2024
Spar (NASDAQ:SGRP)
Historical Stock Chart
From May 2023 to May 2024