LOS ANGELES, Aug. 16, 2005 (PRIMEZONE) -- Billy Martin's USA, Inc. (Pink Sheets:BLYM), the 26-year-old "western lifestyle" retail brand, today announced that it has signed a financing agreement with the U.S.-based investment fund The Nutmeg Group LLC for a funding on restricted shares, which will enable Billy Martin's to attain its financial goals and fulfill its accretive, acquisitive commitments and strategic growth plans.
Randall S. Goulding, managing director of The Nutmeg Group, LLC said, "We are anxious to assist Billy Martin's in meeting its ongoing financing needs, facilitating strategic relationships, and we look forward to a long-term, mutually profitable relationship with the company."
With more than 30 million dollars under management, Nutmeg is a value-added private capital investment firm and a full-service investment and financial consulting organization, dedicated to helping growth companies emerge as industry leaders (www.tngroupllc.com).
Commenting on the capital infusion, Billy Martin's CEO Doug Newton said, "The Nutmeg Group is far more than a financial partner in our business. They are an impressive team of dedicated business people with diverse talents and a robust infrastructure. Two words describe them best: entrepreneurial and professional."
In addition to providing working capital for BLYM's expansion plans, Goulding said, "Nutmeg is pleased to be working in partnership with Billy Martin's to better position it to grow. In fact, the specific reason for this additional cash infusion is to focus on creating new business opportunities and joint ventures for BLYM. We also plan to facilitate new marketing arrangements for BLYM through our advertising and marketing affiliate, CCM&A, headed by Loren Comitor, who founded CCM&A in the late 1970s, the year Billy Martin's first opened its doors."
At the same time, Newton announced the termination of a short-lived joint-venture agreement with Strategic Growth Ventures, Inc. (SGWV), which was supposed to provide BLYM with e-commerce marketing services, but which will now be handled by CCM&A, based in Northbrook, Ill. and by Burton Blum, creative partner of the design firm LBK Group in New York City (aFreshEye@aol.com).
Goulding concluded, "Our investment in, and ongoing commitment to, BLYM is prompted by our extreme confidence in the value of the Billy Martin's brand and in the company's capacity to ramp-up its operation to seize opportunities. We believe the current BLYM valuation does not remotely reflect its opportunities near and longer term.
"We are pleased to be working in partnership with Billy Martin's USA, Inc. and plan to play a vital and continuing role in this company's very promising future."
Statements about BLYM's future expectations, including future revenues and earnings, and all other statements in this news release other than historical facts are "forward-looking statements.'' Since these statements involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from the company's plans if its assumptions prove to be incorrect or for a variety of other reasons.
Billy Martin's USA, Inc. is not a reporting company registered under the Securities Act of 1934. Shares of its stock trade on the Pink Sheets under the symbol BLYM.