From: ASAP
Tarrant Apparel Group (NASDAQ: TAGS) , a leading provider of private label casual apparel, today announced that it has secured a $25 million line of credit from UPS Capital Global Trade Finance Corporation (UPS Capital) to replace the credit line previously provided by Hongkong & Shanghai Bank in Hong Kong.
Eddy Yuen, Chief Executive Officer of Tarrant Apparel Group, commented, "We are pleased to take this important step with UPS Capital and look forward to a long term relationship. Both sides have started to explore the possible expansion of this relationship, including supply-chain finance in Mexico and application of the logistical and distribution expertise of the UPS group to support our long term growth."
Tarrant Apparel Group serves specialty retailers, mass merchants/national department stores and branded wholesalers by designing, merchandising, contracting for the manufacture of and selling casual, moderately-priced apparel, for women, men and children.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include a softening of retailer or consumer acceptance of the Company's products, pricing pressures and other competitive factors, or the unanticipated loss of a major customer. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission.
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