EXHIBIT 99.1
PRESS RELEASE
ASHFORD.COM SECURES COMMITMENT FOR $25 MILLION LINE OF CREDIT
HOUSTON, July 27 /PRNewswire/ -- Ashford.com (Nasdaq: ASFD - NEWS), the leading
Internet retailer of luxury and premium products, today announced that it has
secured a three-year commitment from Congress Financial Corporation-a unit of
First Union National Bank, the nation's sixth largest bank-for $25 million in
debt financing. Final closing of the revolving credit facility is expected
within thirty days and is subject to customary closing conditions.
"We believe this is the first senior credit financing ever for an Internet
retailer, made possible by our unique business model that includes large
average-order sizes and high-value merchandise. By securing this loan
commitment, Ashford.com will effectively increase its available cash without any
dilution to shareholders," said Kenny Kurtzman, CEO of Ashford.com.
About Ashford.com
Ashford.com is the leading Internet retailer of luxury and premium products. The
company's e-commerce site, located at HTTP://WWW.ASHFORD.COM, offers a vast
selection of diamonds and more than 14,000 styles of new and vintage watches,
jewelry, fragrances, leather accessories, sunglasses and writing instruments
from more than 350 leading brands. The company also provides an additional
10,000 items from more than 100 brands through its corporate gifts division.
Dedicated to creating a comfortable and safe shopping environment, Ashford.com
offers customers the Ashford.com Protection Plus(TM) policy, which provides
outstanding product warranties, customer privacy and site security. Ashford.com
is headquartered in Houston, Texas.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section
21E of the Securities and Exchange Act of 1934, including statements regarding
the Company's expectations, beliefs, hopes, intentions or strategies regarding
the future. Forward-looking statements include statements regarding the
availability of cash to the Company and the stability of the Company's
inventory. All forward-looking statements are based upon information available
to the Company as of the date of the statement, and the Company assumes no
obligation to update any such forward-looking statement. The potential risks and
uncertainties that could cause actual results to differ materially include, but
are not limited to, the failure or inability of either party to complete or
comply with the transaction described in this press release. Actual results
could differ materially from the Company's current expectations. Further
information on the factors and risks that could affect the Company's financial
results are included
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in its filings with the Securities and Exchange Commission, including the 10-K
annual report for the fiscal year ended March 31, 2000.
Ashford, Ashford.com, and Ashford.com Protection Plus are trademarks of
Ashford.com. All other marks are the property of their respective owners.
SOURCE: ASHFORD.COM
