Continuing Growth Opportunities Bolstered Through Capital Injection
London – 02-10-03
In recognition of future growth opportunities in the expanding European market, Bell Microproducts Europe has announced it will receive a significant capital injection from the proceeds of a recently completed equity offering by Bell Microproducts Inc.
Ian French, President of Bell Microproducts Europe, said: “Despite challenging economic conditions and significant changes in the infrastructure of the European channel, Bell Microproducts Europe has grown by approximately 50% over the past three years.
The recent equity raised provides additional capital to support the growth of the European business, to reduce debt and to take advantage of margin improvement opportunities.”
The latest investment of over million, coupled with capital already invested over the past two years, has injected over million in new capital into the European business.
Don Bell, President and Chief Executive Officer of Bell Microproducts, said: “The European market is highly strategic to our business. We have achieved significant growth in this region both through internal growth, geographic expansion and acquisition. With the changes occurring in the technology products marketplace throughout Europe we see additional opportunities to both expand our business and improve profitability. This infusion of new capital, coupled with our expanded banking facilities, increases our capital base as we execute on our strategic initiatives. The enlarged European Union and the new opportunities afforded by ongoing Channel consolidation offer significant opportunities for Bell’s storage expertise and focus.”
This latest investment is part of an ongoing programme to support European growth which included the replacement of its original £40 million working capital banking agreement with an upgraded £75 million working capital line in December 2002.
Ian French, President, Bell Microproducts Europe
Nick Lee, Finance Director, Bell Microproducts Europe
James Illson, Executive Vice President, Finance & Operations, Chief Financial Officer, Bell Microproducts Inc.
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About Bell Microproducts Europe
Bell Microproducts Europe is a major pan-European channel focused IT supplier. Headquartered in the UK, it covers every major European market including France, Germany, Italy, Spain, Austria, Scandinavia and Benelux with annual sales approaching bn.
Backed by a rapidly expanding Professional Services division its accredited relationships with top names in Enterprise Storage, Systems, Software, Mass Storage and Security include HP, IBM, Microsoft, Seagate, EMC, Hitachi Data Systems and support a fast growing reseller partner community.
From its historical expertise in storage Bell Microproducts Europe has undertaken two years of rapid expansion to become a unique IT supplier dedicated to building markets for its vendors by helping reseller partners expand into new areas of expertise.
About Bell Microproducts Inc.
Bell Microproducts Inc. is an international, value-added provider of a wide range of high-technology products, solutions, and services to the industrial and commercial markets. The company is an industry-recognized specialist in storage products and is one of the world's largest storage-centric value-added distributors with offices in the Americas and Europe. More information can be found in the company's SEC filings, or by visiting the Bell Microproducts Inc. web site at www.bellmicro.com.
Safe Harbor Statement
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which reflect the Company's current views of future events and financial performance, involve known and unknown risks and uncertainties which could cause actual results or facts to differ materially from such statements for a variety of reasons including, but not limited to: the ability to successfully integrate the operations of recent acquisitions, industry conditions, changes in product supply, pricing, customer demand, competition, other vagaries in the computer and electronic components markets, changes in relationships with key suppliers, foreign currency fluctuations and the other risks described from time to time in the Company's reports to the Securities and Exchange Commission (including the company's Annual Report on Form 10-K). Investors should take such risks into account when making investment decisions.
Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update publicly or revise any forward-looking statements.
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