NEW YORK--(BUSINESS WIRE)----First Guardian Financial Corporation's (PINK:FGFC) Board of Directors and Executive Management has approved the terms of a new 50 million dollar revolving warehouse credit facility. The new facility allows advances up to the facilities amount of 50 million dollars against eligible collateral and matures August 1, 2007.
With the new warehouse facility now in place the company will step up its marketing and aggressively pursue its commercial real estate finance & business lending activities.
The company is also close to closing a second 50 million dollar revolving warehouse credit facility for its Trafalgar Leasing & Financing subsidiary, and expect to have that completed within the next week or two.
FIRST GUARDIAN FINANCIAL CORP
[Stock Ticker Chart]
Other OTC:FGFC
Updated: 15:59 ET
0.014 Unchg
The new warehouse lines of credit will allow the company to increase and accelerate its lending activities significantly, thus increasing fee generated revenues, such as points, interest rate spreads and other administrative fee income.
"We are very pleased to have been able to obtain this line of credit and are equally looking forward to obtaining the second line of warehouse credit as this will give us an initial combined line of 100 million dollars and enable us to grow at a much faster pace." Said Abraham Rosenman President of First Guardian Financial Corporation
About First Guardian Financial Corporation:
The company is a Financial Holding Company currently providing Commercial Real Estate Financing & Invests and provides financing for its own portfolio in small to mid sized businesses nationally. Its primary goal is to provide short term financing within the commercial real estate market and invest and or provide secured short term financing to businesses either in the start up stage or growth stage throughout the United States.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
First Guardian Financial Corporation Investor Relations, 212-572-4823 Fax: 212-572-6499 Investor.relations@guardianfinancialcorp.com www.guardianfinancialcorp.com
07/27/2006 07:26
AI
