LOS ANGELES, April 25 /PRNewswire-FirstCall/ -- Mizati Luxury Alloy Wheels, Inc. , a distributor of high-quality luxury alloy wheels for passenger cars, sport utility vehicles, vans and light trucks, announced today that it has secured a $1 million line of credit from East West Bank to accelerate its 2007 growth strategies.
"This line of credit gives us the flexibility to implement our business plans and execute strategic expansions. As Mizati grows both domestically and internationally and with the addition of the Rent-to-Own business model, the $1 million line of credit will ensure that we have sufficient cash flow to keep pace with rising demand," noted CEO Hazel Chu. The credit line is a 12-month agreement with the option to renew and increase on an annual basis. The proceeds will increase working capital and assist Mizati with the launch of its Rent-to-Own stores.
"Our banking partners have seen Mizati grow from a notebook full of sketches to the rapidly growing public company it is today. This agreement shows East West Bank's confidence in our ability to execute strategies and deliver results," added Chu. Mizati expects wheel shipments to double this year from 2006 levels. This projection is based on organic growth, new international accounts, and Mizati's entrance into the Rent-To-Own industry.
About East West Bank
A wholly-owned subsidiary of East West Bancorp, East West Bank is the second largest commercial bank headquartered in Los Angeles. East West Bank serves the community with 58 branches throughout Los Angeles, Orange, San Bernardino, Alameda, San Francisco, Santa Clara, and San Mateo counties. East West Bank also has one branch in Houston, Texas. International locations are located in Hong Kong and Beijing, China. To learn more about East West Bank, visit the company's website at www.eastwestbank.com.
About Mizati Luxury Alloy Wheels, Inc.
Mizati Luxury Alloy Wheels, Inc. ("Mizati") designs, markets and distributes high-quality custom alloy wheels for passenger cars, sport utility vehicles, vans and light trucks. Incorporated in 2001, the company operates from its corporate headquarters in Walnut, California. Mizati currently markets and distributes three separate and unique brands of luxury wheels, "Mizati(R)," "Hero(TM)" and "Zati(TM)," through a network of 300 dealers and distributors. Mizati has achieved an average annual revenue growth rate of 102% for the past three years.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Any statements that are not historical facts contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, pricing, market acceptance, the effect of economic conditions, intellectual property rights, the outcome of competitive products, risks in product development, the results of financing efforts, the ability to complete transactions, and other factors discussed from time to time in MZTI Securities and Exchange Commission filings. MZTI undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made.
For more information about Mizati Luxury Alloy Wheels, Inc. , visit the company website at http://www.mizatiwheels.com.