USA: FTS Apparel Announces Receipt of Largest Order in Company's History and $1.2 Million Line of Credit With Bank One
Full Tilt Sports, Inc., dba FTS Apparel (OTCBB: FTSX), a fully reporting company, today announced that the company has finalized an agreement with Bank One, Colorado N.A. for a $1.2 million line of credit. The company also announced today the receipt of the largest order of merchandise in the company's brief history. The order was placed by JC Penney (NYSE:JCP) and is set to be shipped during the third quarter of fiscal 2000. The company has continued to gain momentum since the April closing of a $1.3 million private placement and receipt of $1 million in cash. Management believes the company's product is gaining greater acceptance within the retail marketplace, especially in Colorado where the company's "Flip the Switch" apparel has been available in over 25 retail locations. On a national level, the "Flip the Switch" label will now be available in 12 JC Penney stores this summer, up from only a test of 3 locations last fall, due to the positive response in the initial JC Penney test market where the FTS label outperformed every other brand in the category both in gross sales and gross margins as a percentage of inventory. Newly appointed Chairman and CEO, Mr. LeRoy Landhuis, had this to say of the recent developments, "The `Flip the Switch' philosophy permeates our corporate culture and is reflected in our apparel and our relationships within the apparel industry. We believe the market needed a new look and personality. We are willing to fulfill that need, and the industry is beginning to take notice."
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