OREM, Utah--(BUSINESS WIRE)--April 20, 2004--iMergent, Inc. (OTCBB:IMGG) a leading provider of eCommerce and software for small business and entrepreneurs announced it closed on a $3 million revolving loan agreement with Zions First National Bank. The agreement allows iMergent to borrow up to 80% of qualifying receivables up to $3 million at prime plus 3%.
Don Danks, chairman and chief executive officer, commented, "This loan agreement provides iMergent with liquidity and capital resources to finance our customers and continue our international expansion. Historically, we have financed our rapid growth by selling customer finance contracts at significant discounts ranging from 15% to 25% of the face value. As a consequence, we have also forfeited the ability to earn the 18% interest on those contracts. The Zions loan agreement should have a direct positive impact on our financial results by reducing significantly the number of customer contracts sold at a discount."
About iMergent
iMergent provides eCommerce solutions to entrepreneurs and small businesses enabling them to market and sell their business product or idea via the Internet. Headquartered in Orem, Utah the company sells its proprietary StoresOnline software and training services, helping users build a successful Internet strategy to market products, accept online orders, analyze marketing performance, and manage pricing and customers. In addition to software, iMergent offers site development, web hosting, marketing and mentoring products. iMergent typically reaches its target audience through a direct marketing effort to fill Preview Sessions, in which a StoresOnline expert reviews the product opportunities and costs. These sessions lead to a follow-up Workshop Conference, where product and technology experts train potential users on the software and encourage them to make purchases. For further information, please visit the company's web site at www.imergentinc.com.
iMergent, Inc., and StoresOnline are trademarks of iMergent, Inc.
