Shad Stastney Resigns as Director of Deer Valley Corporation; Extends Existing Revolving Line of Credit with Fifth Third Bank
On September 11, 2013, Deer Valley extended its existing revolving line of credit with Fifth Third Bank, which provides for a maximum revolving principal limit of $3,000,000.00 (the $3,000,000 Revolving Line). The $3,000,000 Revolving Line is for short term financing for the sale of retail units, the acquisition of complementary businesses, and short-term working capital needs. The $3,000,000 Revolving Line matures on June 30, 2015 and has a variable interest rate of 2.50% above LIBOR. On September 11, 2013, Deer Valley extended its existing revolving line of credit with Fifth Third Bank, which provides for a maximum revolving principal limit of $5,000,000.00 (the $5,000,000 Revolving Line). The $5,000,000 Revolving Line is to provide on a revolving credit basis display model financing for dealers. The $5,000,000 Revolving Line matures on June 30, 2015 and has a variable interest rate of 4.00% above LIBOR.