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.
CONTACT:
Gilbert L. Danielson
Executive Vice President and Chief
Financial Officer
Aaron Rents, Inc.
+1-404-231-0011 x3334
Web site: http://www.aaronrents.com
(RNT RY)