Signature Devices, Inc. Receives Credit Line From Wells Fargo Bank
05 Mai 2009 - 3:01PM
Marketwired
Signature Devices, Inc. (PINKSHEETS: SDVI) announced today that it
has received a significant credit line from Wells Fargo Bank for
purchase order financing for Graffiti Entertainment.
There are two stages to financing that allow Graffiti
Entertainment to produce games. The first stage is purchase order
financing, whereby the creditor will finance the cost to build
games based on purchase orders. After the games are delivered there
is a second stage of financing that replaces the first stage called
invoice financing or accounts receivable financing. Signature
Devices is still in process of securing invoicing or accounts
receivable financing.
"This is the first step in helping us meet demand for orders,
but we still need to secure Accounts Receivable financing," says
Kenneth Hurley, CEO of Signature Devices, Inc. and Graffiti
Entertainment, Inc. "We had a previous line of credit for Accounts
Receivable financing, but due to the credit markets, that line has
been canceled. We are in process of obtaining new Accounts
Receivable financing to help produce games for outstanding orders.
Needless to say, this has hampered our ability to ship Black Sigil
and C.O.R.E. on time. We were able to fulfill orders for Air
Conflicts and Black Sigil, through private investments, and
anticipate C.O.R.E. to be shipping soon as well. Black Sigil should
be available around June 7th. Should we be able to obtain
additional financing or a private investment, C.O.R.E. should be
available around the same time."
About Signature Devices, Inc. and Graffiti Entertainment,
Inc.:
Based in Redwood City, Calif., Signature Devices, Inc. creates,
develops and manufactures advanced information technology,
including computer systems, software and electronics products. One
of the Company's premier technologies includes a blend of hardware
and software for image generation technology used in video games
and simulations. Signature Devices also owns Graffiti
Entertainment, Inc. (www.graffitientertainment.com), a publisher of
interactive entertainment software for advanced entertainment
consoles.
The information in this press release includes certain
"forward-looking" statements within the meaning of the Safe Harbor
provisions of Federal Securities Laws. Investors are cautioned that
such statements are based upon assumptions that in the future may
prove not to have been accurate and are subject to significant
risks and uncertainties, including the future financial performance
of the Company. Although the Company believes that the expectations
reflected in its forward-looking statements are reasonable, it can
give no assurance that such expectations or any of its
forward-looking statements will prove to be correct. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date of this release, and the
Company undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events, or
circumstances after the date of this release except as required by
law.
Signature Devices (CE) (USOTC:SDVI)
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