SOURCE: Victory Capital Holdings

May 31, 2005 10:36 ET

Victory Capital Holdings Subsidiary Receives Credit Lines

LOS ANGELES, CA -- (MARKET WIRE) -- May 31, 2005 -- Victory Capital Holdings Corporation (OTC BB: VTYC) announced today that its wholly owned subsidiary, L&M Resources Inc., has received credit lines in excess of $1,000,000 for business with certain Chinese manufacturers. Colly Yip and Hino International Industrial LTD, located in Hong Kong, has negotiated credit lines on behalf of L&M with multiple garment factories in China totaling over one million dollars (1,000,000 USD).

"These credit lines allow L&M to order from a position of strength, receive the best pricing, take delivery and inspect goods, and then ship to L&M's customers after orders has been approved. We now have use of the factories' finances while goods are in transit, thus substantially reducing our exposure," stated Martin Barrack, President of L&M Resources Inc.

Jon Fullenkamp, Chairman & CEO of Victory Capital Holdings Corp. added, "This is a major accomplishment for our subsidiary, L&M Resources. These credit lines will allow us to immediately begin ramping up sales. We anticipate further announcements with numerous customers in the near future."

About Victory Capital Holdings Corp: Victory Capital Holdings Corporation (VTYC) is a publicly traded company designed to leverage the assets of existing businesses, with proven technology and to infuse those assets with marketing, management and financial support to become the recognized leader in its space (http://www.vtyc.com).

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission.

Contact Information

  • CONTACT:
    Victory Capital Holdings Corporation
    Investor Relations
    (916) 965-6439
    investor@vtyc.com