Genius Brands Secures Revolving Line of Credit With SunTrust Banks
BEVERLY HILLS, CA -- (Marketwired) -- 08/25/14 -- Genius Brands International, Inc. (OTCQB: GNUS), a global brand management company dedicated to providing entertaining and enriching 'content with a purpose' for toddlers to 'tweens, announced today that it has secured a $2 million revolving line of credit with SunTrust Banks.
Andy Heyward, Chairman & CEO of Genius Brands International, stated, "We are very happy that SunTrust Banks is backing our expansion with this first revolving line of credit. This provides us with even greater financial flexibility to execute our growth strategy than we had before, and strengthens our financial position even further."
Genius Brands International currently has no debt; it has roughly $6 million in cash and cash equivalents; and it has a stable rate of expenditure of approximately $300,000 per month. The Company anticipates reaching cash-flow break-even by year-end and will be cash-flow positive in 2015.
Heyward added, "We are signing consumer products licensees for our brands continuously; we are licensing broadcasters and digital distribution outlets worldwide. We have growing interest from the biggest retailers in the U.S., and we expect to see material presence at retail of our product lines over the next 24 months, as we execute against Baby Genius, Secret Millionaires Club, Stan Lee Comics, Thomas Edison's Secret Lab, and the new brands recently acquired to be announced shortly."
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of June 30, 2014, SunTrust had total assets of $182.6 billion and total deposits of $133.3 billion. Through its flagship subsidiary, SunTrust Bank, the company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust's Internet address is suntrust.com.
About Genius Brands International:
Headquartered in Los Angeles, California, Genius Brands International (OTCQB: GNUS) is a publicly traded multimedia content and brand management company. Led by industry veterans, Andy Heyward and Amy Moynihan Heyward, Genius Brands International includes award-winning Baby Genius, Warren Buffett's Secret Millionaires Club, Gisele Bundchen's Gisele & the Green Team, Martha Stewart's Martha & Friends, Thomas Edison's Secret Lab and Stan Lee Comics, featuring its first movie, Stan Lee's Mighty 7. The Company provides "content with a purpose" for kids of all ages, meaning interactive content that is as entertaining as it is enriching.
About FreeStreams:
The FreeStreams internet broadcasting platform allows broadcasters to profitably stream the world's best radio and television stations to popular devices.
Forward Looking Statements:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
MEDIA CONTACT:
Three.Sixty Marketing + Communications
Michelle Orsi/Carol Holdsworth
310-418-6430
805-252-1848
Email Contact
INVESTOR RELATIONS CONTACT:
PLR Investor Relations
Michael Porter
President
212-564-4700
Email Contact
Source: Genius Brands International, Inc.
Released August 25, 2014