BSTW Bestway (MM)

Bestway, Inc. Announces Second Amended and Restated Revolving Credit Loan Agreement and Subordinated Note Extension Agreement DALLAS, Aug. 17 /PRNewswire-FirstCall/ -- Bestway, Inc. (NASDAQ:BSTW) today announced that the Company amended and restated its Revolving Credit Loan Agreement with Comerica Bank. In the amendment, Comerica extended the maturity date from May 31, 2006 to May 31, 2007 and modified certain covenants relating to Interest Coverage Ratio and Profitability, as well as increased the aggregate amount for Capital Expenditures and Acquisitions. The Company also amended the subordinated note payable to O'Donnell & Masur, L.P. dated October 26, 2001. The amendment extended the maturity date from May 31, 2006 to May 31, 2007. "We believe there are great opportunities to expand our presence in the rent-to-own industry," said David A. Kraemer, President and Chief Executive Officer. "The amendment opens the door to develop strategic initiatives aimed at expansion through new store openings, as well as afford us the opportunity to aggressively pursue acquisitions that complement our existing stores and meet our return on investment criteria." Bestway, Inc. owns and operates a total of sixty-nine rent-to-own stores located in the southeastern United States. These stores generally offer high quality brand name merchandise such as home entertainment equipment, appliances, furniture and computers under flexible rental purchase agreements that generally allow the customer to obtain ownership of the merchandise at the conclusion of an agreed upon rental period. This press release and the guidance above contain various "forward-looking statements" that involve risks and uncertainties. Forward-looking statements represent the Company's expectations or beliefs concerning future events. Any forward-looking statements made by or on behalf of the Company are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. These uncertainties and other factors include, but are not limited to, (i) the ability of the Company to open or acquire additional rental-purchase stores on favorable terms, (ii) the ability of the Company to improve the performance of such acquired stores and to integrate such opened or acquired stores into the Company's operations, (iii) the impact of state and federal laws regulating or otherwise affecting rental- purchase transactions, (iv) the impact of general economic conditions in the United States and (v) the impact of terrorist activity, threats of terrorist activity and responses thereto on the economy in general and the rental- purchase industry in particular. Undue reliance should not be placed on any forward-looking statements made by or on behalf of the Company as such statements speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, the occurrence of future events or otherwise. DATASOURCE: Bestway, Inc. CONTACT: Beth A. Durrett, Chief Financial Officer, , or David A. Kraemer, President and Chief Executive Officer, , both of Bestway, Inc., +1-214-630-6655

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