Direct Response Financial Services Obtains $5,000,000 Line of Credit for Expansion of Direct2Own Division
Posted on: Tuesday, 28 March 2006, 09:00 CST
LOS ANGELES, March 28 /PRNewswire-FirstCall/ -- Direct Response Financial Services, Inc. (BULLETIN BOARD: DRFL) , a leading provider of services and products to consumers underserved by the banking industry and credit markets, today announced that it had entered into a $5,000,000 Secured Revolving Loan Agreement with Ravinia Funding, LLC, an investment fund operated by Ravinia Management Company LLC. Under the Secured Revolving Loan Agreement Ravinia will provide up to $5,000,000 in funds to the Company for use in the Direct2Own consumer products group. Funds are made available based upon customer contracts produced by Direct2Own. Other terms and conditions of the agreement were not disclosed.
"We are pleased that Ravinia has partnered with our company," said T. Randolph Catanese, CEO and President of Direct Response Financial Services. "Their funding commitment will allow our Direct2Own division to continue its growth without interruption."
Irwin Bernstein, Managing Member of Ravinia Management Company, LLC, remarked, "Direct2Own offers our fund the upside opportunity that we look for in any business. When you combine Direct2Own's management team with the growth opportunity of its business model of providing brand name computers and televisions to consumers who are credit challenged we concluded that Direct Response Financial Services would make an excellent choice as a business partner."
About Ravinia Funding, LLC
Ravinia Funding LLC, is a diversified investment fund with a focus on portfolios involving credit challenged consumers.
About Direct Response Financial Services, Inc.
Direct Response Financial Services, Inc. provides financial, technology and marketing solutions for serving unbanked and under-banked consumers. The Company continues to focus on the issuance of pre-paid cash card products to Hispanics in the United States. Through its proprietary loading network, the DirectLoad Network(TM), the Company allows its customers an easy and convenient means to load their pre-paid cash cards and to obtain other financial services. Its consumer electronics retail site, located at http://www.direct2own.com/ offers consumer electronics to the under-banked and unbanked. For more information on the Company please visit http://www.drfs.net/ or visit http://www.directcardservices.net/. To learn more about its pre-paid products please visit http://www.dcsmediacard.com/. And, to learn more about the Company's consumer electronics offers please visit http://www.direct2own.com/.
Direct2Own enables individuals with no credit or sub par credit to purchase items such as computers, televisions, cell phones and audio equipment with just a small down payment and affordable monthly payments. The launch of Direct2Own expands Direct Response Financial Services' business into the multi-billion dollar retail electronics market. In addition, Direct2Own functions as a platform to sell debit cards to its target customer group. Through Direct2Own, customers can acquire a Direct Card Services DCS Media Card MasterCard which enables them to make timely payments for purchased products. Further, Direct2Own offers a credit building service to customers on a monthly subscription basis.
Direct2Own products are currently marketed through ads on television, Internet, and print media. Orders are taken online and by phone. For more information please visit http://www.direct2own.com/.
The Company's full financial results can viewed in its 10Q filing at http://www.sec.gov/ or http://www.nasdaq.com/.
Statements that are not historical facts are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, and the effect of adverse publicity, litigation, competition and other factors that may be identified from time to time in the Company's public announcements.
Contact: Ms. Kelly McGugan Direct Response Financial Services, Inc. Kelly@directcardservices.net (818) 735-5705
Direct Response Financial Services, Inc.
CONTACT: Ms. Kelly McGugan of Direct Response Financial Services, Inc.,+1-818-735-5705, Kelly@directcardservices.net
Web site: http://www.drfs.net/
Web site: http://www.directcardservices.net/
Web site: http://www.dcsmediacard.com/
Web site: http://www.direct2own.com/
Source: PRNewswire-FirstCall
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