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Skins announces new trade credit facility
Oct '08
Skins Inc (SKNN) announced that the company has secured a trade finance facility with Ashford Finance, that will enable it to build and take receipt of inventory for the Holiday 2008 and Spring 2009 seasons. The Company noted the revolving facility enables it to borrow up to $3 million for planned production and general working capital purposes.

The Company noted that the line carries credit insurance from Coface to protect the Company against potential loss of receivables. The Company noted that Mark Klein, President, is serving as the personal guarantor for the revolving line.

Mark Klein, President of Skins, commented, “We are very pleased to have secured this important trade finance agreement, particularly given the exceptionally difficult credit environment, which will enable us to sustain our market presence and continue to build new customer relationships.

Our recent participation at industry trade shows, including WSA, has confirmed that there is significant national interest in our brand and our product. This deal gives us great confidence that our supply chain and ability to produce goods is secure. We are grateful for the support and shared vision from Ashford Finance represented by this transaction.”

Mr. Klein continued, “While this trade credit agreement does not alleviate the necessity for us to raise capital for general corporate functions, it affords us a great deal of flexibility in terms of deploying that additional capital. We remain optimistic that we will soon close on additional financing. In order to maximize the value of that new capital, we have taken significant steps to reduce our expense base.

Each of our employees, including myself, has agreed to take a 25% pay cut, which went effective as of August salaries. Additionally, we have been able to significantly reduce professional fees and have relocated our Manhattan offices to Hoboken, New Jersey and eliminated significant leasing costs. We will proceed purposefully down a path designed to enable us to achieve profitability and create significant value for the many stakeholders in our business.”

Skins Inc

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