West 49 Inc. Renews Credit Facilities
Burlington, Ontario, July 7, 2009 - West 49 Inc. (TSX: WXX) (the "Company"), Canada's leading action sport retailer, today reported that it has successfully obtained the renewal of its existing credit facilities as anticipated and referenced in the Company's first quarter earnings release dated June 11, 2009.
The renewal of existing credit facilities included more accommodating financial covenants. As such, management believes that the Company will be in compliance with these covenants throughout the term of the facility.
The Company's next renewal date with its existing bank is scheduled for June 30, 2010.
About West 49 Inc.
West 49 Inc. is a leading Canadian specialty retailer of fashion and apparel, footwear, accessories and equipment related to the youth action sports lifestyle. The Company's stores, which are primarily mall-based, carry a variety of high-performance, premium brand name and private label products that fulfill the lifestyle needs of identified target markets, primarily tweens and teens. As at May 2, 2009, the Company operated 133 stores in nine provinces, under the banners West 49, Billabong, Off The Wall, Amnesia/Arsenic, D-Tox and Duke's Northshore, and operated online at www.boardzone.com. The Company's common shares are listed on the Toronto Stock Exchange under the symbol WXX. The Company has approximately 64 million shares outstanding.