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by Motorcycle.com Staff

Titan Gets Six Months

By Brent Plummer, Oct. 17, 2000
Titan just released word that despite financial woes, it will live to see at least another six months of business.

The maker of highly stylized, American-made V-twin cruisers has managed to hold off creditors through next spring and also plans to introduce two new product lines.

Titan Arranges Funding ExtensionPHOENIX, Oct. 17, 2000 -- Titan Motorcycle Co. of America (Nasdaq: TMOT - news) announced today that Wells Fargo Credit, Inc. has agreed to a six-month extension of the company's credit facility, which the company projects will be sufficient to adequately fund operations through the winter season. The agreementalso provides for additional up-front funds that will allow Titan to continue its manufacturing operations and to reinstate volume production.

Frank Keery, CEO, reported that, notwithstanding the company's recent cash flow problems, the company has made improvements in several important areas.

These include a significant reduction in borrowings from its primary lender from approximately $10 million in January 2000 to under $5 million in October 2000. It also includes the establishment of a significantly lower breakeven point through consolidations and various organizational restructuring efforts. Finally, Titan has introduced two new product lines: Titan's Year 2001 Hi-Line and Phoenix Custom Series.

``Our core business continues to enjoy strong demand and, with appropriate financing, represents excellent long-term potential,'' said Keery, indicating that the company's new lines have been well received. ``Wells Fargo's commitment creates a window of opportunity for Titan to finalize our long-term financial structure and to prepare for a successful 2001 spring season."

Founded in 1994, Titan Motorcycle Co. of America is a premier designer, manufacturer and distributor of high-end, American-made, V-twin engine motorcycles marketed under various Titan trademarks. Titan's unique, hand- built configurations, including the Gecko, Roadrunner, Sidewinder, and Phoenix,represent the finest available in custom-designed, volume-produced, performance motorcycles. Manufactured at the company's corporate headquarters and manufacturing facility, and available with a variety of customized options and designs, Titan's large displacement motorcycles are sold through a network of over 80 domestic and international dealers.

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Motorcycle.com Staff
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