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|Aaron Rents, Inc. Announces New Franchise Loan Facility With Royal Bank of Canada|
ATLANTA, Aug. 16 /PRNewswire-FirstCall/ -- Aaron Rents, Inc. (NYSE: RNT), the nation's leader in the sales and lease ownership, specialty retailing and rental of residential and office furniture, consumer electronics and home appliances and accessories, today announced a new franchise loan facility with financing from Royal Bank of Canada (TSX and NYSE: RY), Canada's largest bank as measured by assets. This facility will provide inventory financing to the Company's growing number of Canadian franchisees.
"We are excited with the prospects of our expanding Aaron's Sales & Lease Ownership franchise program in Canada," said R. Charles Loudermilk, Sr., Chairman and Chief Executive Officer of Aaron Rents. "This facility will provide inventory financing essential to the growth of our existing and future franchised stores."
Aaron Rents opened its first Canadian franchised store in Kitchener, Ontario in November 2003 and since then has opened stores in Pickering, Cambridge, and Hamilton, Ontario as well as Halifax, Nova Scotia. The Company has area development agreements with franchise operators for an additional 13 stores to be opened over the next several years.
Aaron Rents, Inc. based in Atlanta, currently has more than 1,124 Company- operated and franchised stores in 46 states, Canada, and Puerto Rico for the rental and sale of residential and office furniture, accessories, consumer electronics and household appliances. The Company also manufactures furniture, bedding and accessories at 10 facilities in four states.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release regarding Aaron Rents, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include factors such as changes in general economic conditions, competition, pricing, customer demand and other issues, and the risks and uncertainties discussed under "Certain Factors Affecting Forward Looking Statements" in the Company's Annual Report on Form 10-K for fiscal 2004, which discussion is incorporated herein by this reference.
SOURCE Aaron Rents, Inc.