Production Resource Group L.L.C has announced that it has established new credit totaling $125 million with GMAC Business Credit, L.L.C., to support its strategic plans. This refinancing was in conjunction with the sale of PRG's Systems Group, consisting of Signal Perfection, Ltd, and the Ancha and SPL-Integrated Solutions divisions, to a newly formed entity controlled by shareholders of PRG and Systems Group management.
Says chairman and CEO Jere Harris, "With such rapid expansion, there have been obstacles and growing pains. Nonetheless, the hard work of the talented people that make up PRG and the new management we've implemented have significantly reduced our debt from $190 million to $110 million. I attribute these achievements to the continual efforts of our employees. It's their diligence, dedication, and teamwork that has directly resulted in improved performance."
PRG also announced that it estimates its 2000 revenue to be $300 million, and its inventory of entertainment technology equipment to be valued at $150 million.