PFSweb, Inc. (Nasdaq: PFSW), an international business process
outsourcing provider of end-to-end web commerce solutions and an online
discount retailer, today announced the renewal of its financing
agreements with Wachovia Bank, N.A. (Wachovia) and Fortis Commercial
Finance NV (Fortis) totaling approximately $40 million of available
credit.
PFSweb maintains two financing agreements with Wachovia, including a $25
million accounts receivable financing facility to support its Supplies
Distributors business, and a $7.5 million accounts receivable and
inventory financing facility to support its eCOST.com business. Both
agreements were extended for two year periods, into calendar year 2011.
In addition, the Company renewed its €7.5 million factoring agreement
with Fortis through March 2010. The Fortis agreement supports Supplies
Distributors’ European subsidiary.
About PFSweb, Inc.
PFSweb develops and deploys integrated business infrastructure solutions
and fulfillment services for Fortune 1000, Global 2000 and brand name
companies, including third party logistics, call center support and
e-commerce services. The company serves a multitude of industries and
company types, including such clients as LEGO, Discovery Commerce,
Riverbed, Hewlett-Packard, International Business Machines, Hawker
Beechcraft Corp., Rene Furterer USA, Roots Canada Ltd. and Xerox.
Through its wholly owned eCOST.com subsidiary, PFSweb also serves as a
leading multi-category online discount retailer of high-quality new,
"close-out" and manufacturer recertified brand-name merchandise for
consumers and small to medium size business buyers. The eCOST.com brand
markets approximately 200,000 different products from leading
manufacturers such as Sony, Hewlett-Packard, Onkyo, Denon, JVC, Canon,
Nikon, Panasonic, Toshiba, Microsoft, Dyson, Kitchen Aid, Braun, Black &
Decker, Cuisinart, Coleman, and Citizen primarily over the Internet and
through direct marketing.
To find out more about PFSweb, Inc. (NASDAQ: PFSW), visit the company's
websites at http://www.pfsweb.com
and http://www.ecost.com.
The matters discussed herein include forward-looking information
under the Private Securities Litigation Reform Act of 1995, which is
subject to and involves risks and uncertainties, which could cause
actual results to differ materially from the forward-looking
information. PFSweb's Annual Report on Form 10-K for the year ended
December 31, 2007 and Form 10-Q for the quarter ended September 30, 2008
identify certain factors that could cause actual results to differ
materially from those projected in any forward looking statements made
and investors are advised to review the Annual and Quarterly Reports and
the Risk Factors described therein. These Risk Factors include the risk
of contract terminations. PFSweb undertakes no obligation to update
publicly any forward-looking statement for any reason, even if new
information becomes available or other events occur in the future. There
may be additional risks that we do not currently view as material or
that are not presently known.
PFSweb, Inc.
Laura Cornstubble, 972-881-2900 x3574
Senior
Marketing Manager
lcornstubble@pfsweb.com
or
Investors:
KCSA
Strategic Communications
Todd Fromer / Garth Russell
212-896-1215
/ 212-896-1250
tfromer@kcsa.com
/ grussell@kcsa.com
