Date: Thu, 25 Mar 1999 14:12:24 -0800 Subject: Renaissance Entertainment Principals Provide Capital for 1999 Faire Season
Renaissance Entertainment Principals Provide Capital for 1999 Faire Season
March 23, 1999 11:54 AM EST
LOUISVILLE, Colo., March 23 /PRNewswire/ -- Renaissance Entertainment Corporation (OTC Bulletin Board: FAIRC) today announced that it has secured financing for up to $1.25 million. Eight investors, five of whom are officers and directors of the Company, loaned the Company $500,000. The Company also announced that it raised $500,000 through Holly Mortgage Trust of Houston, with an additional $250,000 committed once the Company has finalized lease agreements for its Northern California faire.
Charles S. Leavell, Chairman and CEO, stated that the Company's cash requirements are historically greatest during the first quarter of the year. This funding will be used to get the 1999 faire season underway, and will also meet other working capital needs. Management's significant participation in this funding demonstrates its continued confidence in this operation. The 1999 faire season opens May 1, when both its Virginia and Southern California faires begin their run. The California faire will run through June 20, and Virginia through June 13. Both faires are open Memorial Day, May 31.
Renaissance Entertainment Corporation is the only publicly traded company in the Renaissance Faire industry. The company's Faires currently serve five of the largest metro areas in the country including New York, Chicago/Milwaukee, Los Angeles, San Francisco, and the greater Washington, D.C./Richmond area.
The Renaissance Faire is an outdoor family entertainment event which romanticizes the ambiance of a Renaissance era marketplace and includes craft shops, period food, dancers, jousters, musicians and historical characters from Elizabethan England. SOURCE Renaissance Entertainment Corporation.