TAG Acquires Secured Line of Credit
Total Apparel Group (OTC) (USOTC:TLAG)
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1 Year : September 2009 to September 2010
Total Apparel Group, Inc. (“TAG” or the “Company”) (OTC Pink:TLAG), a master distributor and licensee of market-leading international trademarks in the branded apparel, footwear and accessories sectors, announced today that it has secured a line of credit through Hartsko Financial Services (“Hartsko”) (www.hartsko.com) that will assist the Company in financing purchase orders for Active Apparel and Kappa North America, two of TAG’s wholly-owned subsidiaries. TAG’s line of credit available is up to $10 million per transaction.
Hartsko has become TAG’s “purchase order finance” and “letters of credit source” for its current, active business units. Founded by Richard Eitelberg, CPA, Hartsko handles about $180 million in annual transactions.
“This is an important development for Total Apparel Group. Our Finance team has done a great job in executing a strategy that will position the company for immediate rapid growth,” said TAG CEO Janon Costley. “Although generally considered a short to mid-term solution, the relationship with Hartsko is another critical step in our long term growth strategy. They have years of experience and an excellent reputation in the financial industry. Securing this line allows the company to utilize existing purchase orders with major accounts to secure production, thus allowing us the flexibility and agility to respond to the anticipated rapid increase in demand for our products in the coming months. In so doing, we can better serve our customers while better managing our current cash position.”
Welcome to the Total Apparel Group. To be added to the Total Apparel Group investor email list, please email justin.davis@cirrusfc.com with TLAG in the subject line.
About Hartsko Financial Services Founded in 2003, Hartsko has over 50 active clients across various sectors. Hartsko finances a wide range of products, including but not limited to: garments, handbags, shoes, gift packaging, fine liquors, computers, cosmetics, government contracts, wire stranding, animal food and digital picture frames. Through Hartsko purchase order financing, well managed companies can grow sales and take advantage of profitable growth opportunities that are larger than they can support internally. Hartsko’s focus is the underlying transaction and its economic and commercial viability.
About Total Apparel Group, Inc. Total Apparel Group, Inc. (OTC Pink: TLAG) (www.tapginc.com) aims to become the leading product licensing, brand management and retail development partner for pre-eminent sports, entertainment and lifestyle brands in the U.S. TAG recently leapt to global prominence with its selection as the official U.S. Master Distributor of FIFATM and FIFA World CupTM Licensed Product. For the first time in its 104-year history, FIFATM – governing body of soccer, the world’s most popular sport – is launching an official collection of merchandise. And FIFATM has appointed TAG as its official ambassador to the U.S. in the year leading up to the predictably lucrative 2010 World Cup. To round out its soccer-inspired portfolio, TAG has inked a deal with BasicNet Group, S.p.A, to become the U.S. and Canadian Master Licensee for the Kappa® and Robe Di Kappa® brands, considered two of the world’s leading fashion-driven athletic lifestyle brands. To learn more, please visit us at www.tapginc.com.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
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