1812 Brewing Company Inc (KEGS)

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shows we are paying them back.

WiseBuys Stores, Inc. Repays New York Business Development Corporation Loan
Loan repayment represents approximately $1.245 million in bank debt reduction since formation
Jul 17, 2007 9:41:00 AM
Copyright Business Wire 2007
NEW YORK--(BUSINESS WIRE)--

WiseBuys Stores, Inc. ("WiseBuys") announced today that last week the company repaid in full its outstanding loan balances of the New York Business Development Corporation ("NYBDC" at www.nybdc.com). These loans had an original principal balance of $200,000 at the time of WiseBuys' initial formation, and they represented the final senior loans at WiseBuys. Last year WiseBuys repaid additional senior loans from Key Bank, which were about $608,832 in original principal balance. Together, the entire senior balance of $808,832 was backed by the USDA's Rural Development Loan Guarantee Program.

"We are pleased to report the repayment of these loans," stated Thomas Scozzafava, a co-founder of WiseBuys and current CFO. "Together with the Key Bank loans, WiseBuys has managed to repay a significant portion of the initial debt resulting from the original formation of the company. I would like to thank Key Bank, the NYBDC, and the USDA Rural Development for their support of our company."

In 2003 and 2004, WiseBuys also borrowed approximately $1.147 million from various county Industrial Development Agencies, of which principal of about $711,000 is outstanding today. In total, WiseBuys has repaid principal of approximately $1.245 million of bank and IDA loans. Scozzafava added, "It is our goal to continue to strengthen the company's balance sheet to position the company for further growth opportunities. The weighted average interest rate of the remaining outstanding IDA loans is about 4.4%."