Tokyo, Japan, Oct. 31, 2022 (GLOBE NEWSWIRE) -- Yoshitsu Co., Ltd (“Yoshitsu” or the “Company”) (Nasdaq: TKLF), a retailer and wholesaler of Japanese beauty and health products, as well as sundry products and other products in Japan, today announced that on September 27, 2022, the Company entered into a JPY8.15 billion (approximately US$55.82 million) revolving credit facility agreement (the “Credit Agreement”) with a syndicate of Japanese banks to support the Company’s growth initiatives.
The Credit Agreement lending syndicate is led by MUFG Bank, Ltd. and MUZUHO Bank Ltd. and includes 17 bank participants. Each draw advanced under the Credit Agreement will bear interest at the then Tokyo Interbank Offered Rate, or TIBOR plus 0.7 percent per annum. The obligations of the Company under the Credit Agreement are secured by the accounts receivable of the Company and are guaranteed by Mr. Mei Kanayama, the Principal Executive Officer of the Company. The Credit Agreement will expire on September 29, 2023, unless terminated earlier.
Mr. Mei Kanayama, commented, “We are pleased to announce the execution of our new revolving credit facility, as the successful completion of this financing will enable us to execute on our balanced capital allocation, reinvest in our business to drive organic growth and continue our development plans. We believe that this new credit facility, with its exceptional syndicate of banks, also demonstrates our ability to access alternative forms of financing and provides us with the further financial flexibility to scale our business, all of which may well position us to continue creating additional value for our shareholders and generate sustainable development in the long run.”
About Yoshitsu Co., Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd is a retailer and wholesaler of Japanese beauty and health products, as well as sundry products and other products. The Company offers various beauty products (including cosmetics, skin care, fragrance, and body care products), health products (including over-the-counter drugs, nutritional supplements, and medical supplies and devices), sundry products (including home goods), and other products (including food and alcoholic beverages). The Company currently sells its products through directly-operated physical stores, through online stores, and to franchise stores and wholesale customers. For more information, please visit the Company’s website at https://www.ystbek.co.jp/irlibrary/.
All statements other than statements of historical fact in this press release are forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. In addition, there is uncertainty about the further spread of the COVID-19 virus or the occurrence of another wave of cases and the impact it may have on the Company’s operations, the demand for the Company’s products, global supply chains, and economic activity in general. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
For more information, please contact:
Yoshitsu Co., Ltd
Investor Relations Department
Ascent Investors Relations LLC