Miami, Florida, April 27, 2004 - AESP, Inc. (NASDAQ:
AESP ) today announced that it has closed on a $631,000 one-year term loan from Bendes
Investment Limited. The proceeds of the loan were used to retire the Company's outstanding
debt due to Commercebank, N.A. The new loan, which bears interest at the rate of prime
plus 8% (currently 12%), is secured by a lien on the Company's
Slav Stein,
President and CEO commented, “Over the last two years, our business has been
adversely affected by the short-term nature and imminent maturity of our obligation to
Commercebank. With the completion of the KBK financing arrangement in November 2003 and
the funding of this new loan, this pressure has been relieved. This will allow us to
concentrate fully on our major objective for 2004; delivering a meaningful improvement in
our operating results through increasing our sales and market share, continuing our
efforts to expand our product line, taking steps to improve our cash flow and continuing
our ongoing efforts to reduce our costs.”
The Company also
commented further on its results of operations for fiscal 2003. The Company reported that
in their audit report on the Company's 2003 financial statements, the Company's auditors
had included an explanatory paragraph in their report with respect to the Company's
ability to continue as a going concern.
AESP, Inc. designs,
manufactures, markets and distributes network connectivity products under the brand name
Signamax Connectivity Systems as well as customized solutions for original equipment
manufacturers worldwide. For additional Company information, visit our websites,
www.aesp.com and www.Signamax.com.
Safe Harbor Disclosure under the 1995
Securities Litigation Reform Act.
This news release contains forward-looking statements, which involve risks and
uncertainties. The Company’s actual future results could differ materially from the
results anticipated herein. For information regarding factors that could impact the
Company’s future performance, see the Company’s future filings with the U.S.
Securities and Exchange Commission, including its Annual Report on Form 10-K for 2003.
Signamax is a trademark of AESP,
Inc. in the United States and/or other countries.
Slav Stein, President & CEO
AESP, Inc.
Roman Briskin, Executive Vice President
1810 NE 144 Street
John F. Wilkens, Chief Financial Officer
North Miami, Florida 33181
(305) 944-7711