MYCOM Group Expands Line of Credit
Seeking Long-Term Support to Pursue New Enterprise E-business Opportunities
CINCINNATI--(BUSINESS WIRE)--Jan. 8, 2001--MYCOM Group, Inc. (OTCBB:MYCO - news) said today that it has agreed to expand and extend its revolving credit agreement with Provident Bank, a major Midwest financial institution based in Cincinnati.
MYCOM Group said that under the new agreement the ceiling on its credit facility will increase to $600,000 from $400,000. The term of the agreement extends through June 30, 2001. Outstanding balances will continue to bear interest at 2 percentage points above the bank's current prime rate.
The new agreement includes certain financial performance objectives. Subject to its credit needs and its performance against those objectives, MYCOM Group could seek a further expansion in the credit line at mid-year.
During the fourth quarter of 2000, the average outstanding balance under the agreement decreased to approximately $264,000 from approximately $400,000 at September 30, 2000.
``This renewal and fifty percent increase in our revolving credit facility reflects the growth in our business and our expectation that we will continue to grow in 2001,'' MYCOM Group CEO George Young said. ``How quickly we grow, however, will depend in part on our ability to secure additional long-term financing to pursue our strategic business objectives.''
Young said MYCOM Group is refocusing its 2001 strategic plan in light of emerging enterprise e-business opportunities, including opportunities to provide comprehensive marketing communications and training support services that make new enterprise e-business products more marketable, and help enterprise clients increase their returns on e-business investments.
MYCOM Group's core belief is that real business gains come not just from changing technology, but from changing the way people respond to technology. MYCOM emphasizes solutions that are ``Understood, Valued, and Acted Upon(TM)'' by people throughout and beyond the enterprise. Accordingly, we back our technical expertise with a comprehensive array of support services, including e-marketing, e-learning, documentation, online help and technical support.
``We believe that large enterprises will continue to invest heavily in e-business technology to become more competitive and efficient,'' Young said, ``But we also recognize their concern about improving returns on those investments. We intend to be at the forefront of companies that deliver Internet-based e-business results to large enterprise clients.''
About MYCOM Group
MYCOM Group provides a complementary mix of technology and communications services for large businesses and organizations with an emphasis on solutions that are ``Understood, Valued and Acted Upon(TM).'' MYCOM was formed in 1991 to provide technical marketing and documentation services. It added capabilities in applications development, web-enabled applications, database applications, online and classroom instructional design and training, and other services that enhance the benefits of technology investments across the enterprise. MYCOM is on the web at www.mycom.com
NOTE: Certain statements in this press release, including but not limited to MYCOM Group's ability and efforts to obtain additional investment capital, may constitute ``forward-looking statements'' which are subject to known and unknown risks and uncertainties. Those risks and uncertainties include, among others, economic conditions, the availability of suitable terms, MYCOM Group's ability to achieve certain financial performance goals, and other factors that may cause the actual results to differ materially from results implied by such forward-looking statements.
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Contact:
MYCOM Group, Inc.
Wayne Buckhout, 513/352-5560 ext. 190
wbuckhout@mycom.com
