Mizati expects wheel shipments to double this year from 2006 levels based on organic growth, new international accounts, and the company's entrance into the Rent-To-Own industry.

Mizati Luxury Alloy Wheels, Inc., a California based wheel distributor, has secured a $1 million line of credit from East West Bank to accelerate its entry into the fast growing rent-to-own custom wheel market. The company announced it's plan to open a chain of company owned custom wheel rent to own stores earlier this month (see story).

Mizati CEO Hazel Chu said the credit line is a 12-month agreement with the option to renew and increase on an annual basis. The proceeds will increase working capital and assist Mizati with the launch of its Rent-to-Own stores. "As Mizati grows both domestically and internationally and with the addition of the Rent-to-Own business model, the $1 million line of credit will ensure that we have sufficient cash flow to keep pace with rising demand."

Chu added, "Our banking partners have seen Mizati grow from a notebook full of sketches to the rapidly growing public company it is today. This agreement shows East West Bank's confidence in our ability to execute strategies and deliver results." Mizati expects wheel shipments to double this year from 2006 levels based on organic growth, new international accounts, and the company's entrance into the Rent-To-Own industry.