Monday, 19 March 2001
Production Resource Group (PRG) has announced that it has established new credit totaling $125 million with GMAC Business Credit, to support its strategic plans. This refinancing was coupled 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. "With such rapid expansion, there have been obstacles and growing pains. None the less, the hard work of the talented people that make up PRG and the new management we've implemented has significantly reduced our debt from $190 million to $110 million," says Jere Harris, chairman and CEO. "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 anticipates continued growth as the management changes and investments made in the past year take full effect.