SOURCE: IBM

October 23, 2007 08:00 ET

Florida-Based Technology Reseller PC Universe Partners With IBM Global Financing to Meet Growth Objectives

BOCA RATON, FL--(Marketwire - October 23, 2007) - PC Universe, Inc. (PINKSHEETS: PCUV), a direct marketer and value-added reseller ("VAR") of information technology products and services, today announced a new financing partnership with IBM Global Financing (IGF), the technology lending and leasing business segment of IBM (NYSE: IBM).

Under the agreement, IGF will establish a $4 million revolving line of credit that will give PC Universe the opportunity to deliver on its long term goals for growth and expansion. The agreement would also give the company the financial flexibility to execute along its strategic plan. The revolving line of credit will be leveraged for account receivables and inventory financing.

"We are excited to be partnering with IBM, which is providing us with increased flexibility, a better interest rate and other non-financial terms," said Michael Labinski, CFO of PC Universe, Inc.

Revolving line of credit offerings are today quite popular with VARs looking to balance their day-to-day cost structures while aligning their cash flow. For over 25 years, IGF has been providing customers with solutions that allow resellers the opportunity to enhance their cash conversion cycle, finance inventory purchases from their suppliers and obtain the working capital they need through borrowing against available collateral, such as account receivables and inventory.

"Technology resellers like PC Universe have realized that financing can play a very important role in achieving greater success in the marketplace," said Rob Flood, director, IGF Commercial Financing, Americas. "In a dynamic and largely margin-driven business, resellers must ensure that their balance sheets are solid. IGF is excited to be partnering with PC Universe as they make significant growth oriented moves in their own business."

About PC Universe, Inc.

PC Universe is an authorized direct marketer and service provider of over 250,000 IT products from top name brands such as Apple, Canon, Cisco, Citrix, Epson, HP, IBM, Lenovo, Microsoft, Sony, Symantec and Toshiba. As a total technology solutions provider, PC Universe provides professional technical services such as networking design and installation, ongoing network and hardware maintenance, network security analysis, managed services and network monitoring, business continuity planning, disaster planning and recovery, and voice over IP (VoIP).

Since 1995, PC Universe has served the information technology needs of businesses of all sizes, federal, state and local government entities as well as educational institutions, both public and private. PC Universe currently serves its customers through two website properties, http://www.pcuniverse.com and http://www.patriotpc.us, a fully staffed call center, a direct sales force of industry professionals, and a technical service staff of certified technicians and engineers. PCUniverse.com is ranked by Internet Retailer magazine as one of the Top 500 retail sites on the Internet.

For more information on PC Universe, please visit www.pcuniverse.com

About IBM Global Financing

IBM Global Financing (IGF), the financing business segment of IBM and the world's premier single-source provider for multi-vendor IT financing solutions, serves commercial clients ranging from small businesses to the majority of the Fortune 100. With assets of $34 billion worldwide, IGF provides project financing, commercial financing and asset-recovery services to 125,000 clients in more than 50 countries. Additional information can be found at http://www-03.ibm.com/financing.

Forward-Looking Statements

This release may contain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current estimates and projections about PC Universe, Inc.'s business, which are derived in part on assumptions of its management, and are not guarantees of future performance, as such performance is difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Such factors include, but are not limited to, the Company's ability to execute effectively its business plan and acquisition strategy, changes in market activity, the development of new products and services, the enhancement of existing products and services, competitive pressures (including price competition), system failures, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantages. These and other risks are described in the Company's filings with the Securities and Exchange Commission, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company assumes no obligation to update information concerning its expectations.

Contact Information

  • PC Universe Investor Relations Contact:
    Investment Strategies
    Luke Short
    Company Consultant
    Investment Strategies, LLC
    Phone - 304-523-3980
    Email - lshort@invstrategies.com

    IBM Contact:
    Fred Clarke
    914-715-5986 (cell)
    914-765-6700 (office)
    fredc@us.ibm.com