1115 Broadway, New York ,
NY 10010
FOR IMMEDIATE RELEASE:
Movie Star, Inc. Announces New Credit
Facility
Movie Star, Inc. (AMEX:MSI) announced today that it has entered into a new $17.5
million credit facility with
HSBC International, a
leading international bank.
The interest rate for the
outstanding borrowings will be at the prime rate less three-quarters of a
percent.
Thomas Rende, Movie Star’s
Chief Financial Officer, stated: “This line of credit, along with anticipated
internally
generated funds, will be sufficient
to cover our working capital requirements.
We look forward, over the
coming months, to the beginning of a strong banking relationship with HSBC.”
Movie Star, Inc. produces
and sells ladies’ apparel, including sleepwear, robes, leisurewear, and
daywear.
Current collections include
the Cinema Etoile
premium line of intimate apparel and the Movie
Star line
of apparel sold as private
label programs.
Certain of the matters set forth in this press release
are forward-looking and involve a number of risks
and uncertainties.
Among the factors that could cause actual results to differ
materially are the following: business conditions
and growth in the industry; general economic conditions;
addition or loss of significant customers;
the loss of key personnel; product development;
competition; risks of doing business abroad; foreign government
regulations; fluctuations in foreign rates; rising costs for raw
materials and the unavailability of sources of supply;
the timing of orders booked; and the risk factors listed
from time to time in the Company’s SEC reports.
CONTACT: INVESTOR
RELATIONS:
Movie Star, Inc.
-or- SM
Berger & Company, Inc.
Thomas Rende, CFO Stanley Berger
(212) 798-4700 (216) 464-6400