Spa secures $8 million revolving credit facility

Business Wire, Sept 25, 1996

CHATSWORTH, Calif.--(BUSINESS WIRE)--Sept. 25, 1996--Spa Faucet Inc. (NASDAQ OTC: DRIP) announced today that it has secured $8 million in revolving credit facilities from Gibraltar Financial Corp. and Transcap Manufacturing Services.

Leonardo Sudman, Spa's CEO said, "The company's recent product sales successes have necessitated that the company secure additional financing to keep pace with our expansion plans; thus the addition of Gibraltar and Transcap."

Sudman further stated, "In the first half of this year alone, Spa has exceeded its entire previous years sales and related earnings and we anticipate that the significant growth will move forward unimpeded. Some new faucets being produced by Spa have been well received by the major chains, and as a result Spa has seen its products being offered on a national basis as opposed to regionally by the major chains.

Spa Faucet Inc. is one of the fastest growing and profitable decorative faucet manufacturers in the country. The company's main clientele are Home Depot, Lowes, Payless Cashways and Home Base.

CONTACT: Spa Faucet Inc.

Leonardo Sudman, 818/718-9305