Contact Information: Company Contact Talon International, Inc. Rayna Long Tel (818) 444-4128 Investor Relations Scott Liolios or Scott Kitcher Liolios Group, Inc. Tel (949) 574-3860
Talon Amends Loan Agreement
| Source: Talon International
LOS ANGELES, CA--(Marketwire - April 8, 2008) - Talon International, Inc. (OTCBB : TALN ), a
leading global supplier of zippers, apparel fasteners, trim and interlining
products, has amended its revolving credit and term loan agreement with
Bluefin Capital, LLC.
Effective April 3, 2008 the amendment increases the eligible base of assets
Talon may borrow against under the revolving credit line; modifies
financial covenants that the company must comply with beginning with the
quarter ending June 30, 2008 and amends certain other non-financial
covenants and other administrative changes.
In connection with the amendment, Talon also redeemed the outstanding
warrants previously issued to Bluefin Capital to purchase 2,100,000 shares
of its common stock, in exchange for the issuance to Bluefin of an
additional term note in the principal amount of $1,000,000. Interest on the
additional term note accrues at the rate of 8.5% per annum and the note and
interest are due at maturity on June 30, 2010.
"Bluefin Capital continues to be a valued partner, as these new terms
strengthen Talon's financial stability and ability to grow its business,"
said Lonnie Schnell, chief executive officer. "We remain focused on
expanding sales of all of our quality apparel accessories internationally,
and on enhancing shareholder value. Bluefin's continued support helps us
substantially in this effort."
About Talon International
Talon International, Inc. is a global supplier of apparel fasteners, trim
and interlining products to manufacturers of fashion apparel, specialty
retailers, mass merchandisers, brand licensees and major retailers. Talon
manufactures and distributes zippers and other fasteners under its Talon®
brand, known as the original American zipper invented in 1893. Talon also
designs, manufactures, engineers, and distributes apparel trim products and
specialty waist-bands under its trademark names, Talon, Tag-It and TekFit,
to more than 60 apparel brands and manufacturers including Levi Strauss &
Co., Juicy Couture, Ralph Lauren, Victoria's Secret, Target Stores,
Wal-Mart, and Express. The company has offices and facilities in the United
States, Hong Kong, China, India and the Dominican Republic and is expanding
into Eastern Europe, Indonesia and Vietnam.
Forward-Looking Statements
This news release contains forward-looking statements made in reliance upon
the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are not guarantees of future
performance and are inherently subject to uncertainties and other factors
which could cause actual results to differ materially from the
forward-looking statement. These statements are based upon, among other
things, assumptions made by, and information currently available to,
management, including management's own knowledge and assessment of the
company's industry, competition and capital requirements, and the potential
for growth in zipper sales. Factors which could cause actual results to
differ materially from these forward-looking statements include our ability
to manage an international expansion, the level of acceptance of the
company's products by retailers and consumers, pricing pressures and other
competitive factors and the unanticipated loss of major customers. These
and other risks are more fully described in the company's filings with the
Securities and Exchange Commission, including the Company's most recently
filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which
should be read in conjunction herewith for a further discussion of
important factors that could cause actual results to differ materially from
those in the forward-looking statements. The company undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.