"We believe there are great opportunities to expand our presence in the rent-to-own industry"
David A. Kraemer, President and Chief Executive Officer

Bestway, Inc. (BSTW) today announced that the Company amended and restated its Revolving Credit Loan Agreement with Comerica Bank. In the amendment, Comerica extended the maturity date from May 31, 2006 to May 31, 2007 and modified certain covenants relating to Interest Coverage Ratio and Profitability, as well as increased the aggregate amount for Capital Expenditures and Acquisitions.

The Company also amended the subordinated note payable to O'Donnell & Masur, L.P. dated October 26, 2001. The amendment extended the maturity date from May 31, 2006 to May 31, 2007.

"We believe there are great opportunities to expand our presence in the rent-to-own industry," said David A. Kraemer, President and Chief Executive Officer. "The amendment opens the door to develop strategic initiatives aimed at expansion through new store openings, as well as afford us the opportunity to aggressively pursue acquisitions that complement our existing stores and meet our return on investment criteria."

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David Kraemer resigned as Executive VP of Rent a Center in July, 2002 to become CEO of Bestway. (See archived story)

Bestway currently operates a total of sixty-nine rent-to-own stores located in the southeastern United States.