Crestmark Bank

Jan 13, 2021

Singing Machine Pays Off Revolving Loan With Crestmark Bank Fort Lauderdale, FL, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. Author: Jan 13, 2021 9:53 AM EST Fort Lauderdale, FL, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The Singing Machine Company, Inc. ("Singing Machine" or the "Company") (OTCQX: SMDM) today announced that the Company fully paid down the balance of its revolving line of credit with Crestmark, a division of Meta Bank, NA ("Crestmark"). During its peak season, the Company borrowed approximately $6,200,000 from its line of credit with Crestmark. Lionel Marquis, Company CFO commented, "We are pleased to be able to pay down our revolving line of credit with Crestmark so quickly after the conclusion of our holiday season. This year we relied less on our line of credit due to utilizing some alternative quick pay financing options that were available. Additionally, strong demand at the beginning of the year enabled us to liquidate slow-moving inventory which bolstered our cash flow position." About The Singing Machine Based in the US, Singing Machine ® is the North American leader in consumer karaoke products. The first to provide karaoke systems for home entertainment in the United States, the Company sells its products world-wide through major mass merchandisers and on-line retailers. We offer the industry's widest line of at-home karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. As the most recognized brand in karaoke, Singing Machine products incorporate the latest technology for singing practice, music listening, entertainment and social sharing. The Singing Machine provides consumers the best warranties in the industry and access to over 13,000 songs for streaming and download. Singing Machine products are sold through most major retailers in North America and also internationally. See www.singingmachine.com for more details. Forward-Looking Statements This press release contains forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward‑looking statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management and include, but are not limited to statements about our financial statements for the fiscal year ended March 31, 2020. You should review our risk factors in our SEC filings which are incorporated herein by reference. Such forward‑looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward‑looking statement to reflect events or circumstances after the date of this release. By