Educational Development Corporation Announces Planned Execution of New Credit Agreement with Lender
Tulsa, Oklahoma--(Newsfile Corp. - August 10, 2023) - Educational Development Corporation (NASDAQ: EDUC) ("EDC", or the "Company") (http://www.edcpub.com) today reports it is finalizing a new loan agreement with it's lender, Bank of Oklahoma, to replace the expiring Revolving Promissory Note. The planned agreement will extend through January 31st, 2024. Full details of the terms of the agreement will be filed in the upcoming days.
"We have been working closely with our financial advisors and the banking team at Bank of Oklahoma to execute a new agreement to replace our expiring Revolving Promissory Note. We plan to have the new agreement executed within the next few days. This loan agreement will provide further flexibility for us to concentrate on our business and prepare for the Fall, which is normally the busiest season of the year," per Craig White, CEO and President.
About Educational Development Corporation (EDC)
EDC began as a publishing company specializing in books for children. EDC is the owner and exclusive publisher of Kane Miller Books ("Kane Miller"); Learning Wrap-Ups, maker of educational manipulatives; and SmartLab Toys, maker of STEAM-based toys and games. EDC is also the exclusive United States MLM distributor of Usborne Publishing Limited ("Usborne") children's books. EDC-owned products are sold via 4,000 retail outlets and EDC and Usborne products are offered by independent brand partners who hold book showings through social media, book fairs with schools and public libraries, in individual homes, as well as other in-person events and internet sales.
Educational Development Corporation
Craig White, (918) 622-4522
Three Part Advisors, LLC
Steven Hooser or Jean Marie Young, (214) 872-2710
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