First Advantage Announces Financing to Fund Future Growth
TO BUSINESS EDITOR:
ST. PETERSBURG, Fla., Aug. 13 /PRNewswire-FirstCall/ -- First Advantage Corporation (Nasdaq: FADV), a leading national provider of enterprise and consumer screening solutions formed in June 2003, today announced it has secured financing to fund future growth.
On July 31, 2003 First Advantage entered into a $15 million loan agreement with Bank of America, N.A. and a $10 million line of credit with The First American Corporation (NYSE: FAF), First Advantage's parent company and majority shareholder.
Additionally, First Advantage filed a Registration Statement with the Securities and Exchange Commission for the issuance of up to 4,000,000 shares of Class A common stock (par value $.001 per share) to be used as needed for full or partial consideration in the acquisition of businesses, assets or securities of other business entities. The Registration Statement was declared effective on July 14, 2003.
"These resources give us the capital required to fund near term strategic opportunities," said John Long, First Advantage chief executive officer and president.
About First Advantage Corporation
First Advantage Corporation (Nasdaq: FADV) provides best-in-class single- source solutions for enterprise and consumer screening and risk mitigation needs, incorporating state-of-the-art technology, proprietary systems and data resources. Created by the merger of The First American Corporation's (NYSE: FAF) Screening Technologies division with US SEARCH.com, First Advantage is a leading national provider in the screening industry, ranking among the top three companies in nearly all of its business lines. The company offers multiple products and services including employment background screening, drug-free workplace programs, physical exams and other occupational health testing, resident screening services, motor vehicle records and consumer location services. Headquartered in St. Petersburg, Fla., with major offices in Los Angeles, Concord and Sacramento, Calif.; Milwaukee; Bethesda and Rockville, Md.; Denver; and Bangalore, India, the company has nearly 1,000 employees. Further information about the company is available at www.FADV.com .
For further information, please contact: John Lamson, Chief Financial Officer and Executive Vice President, , , or Renee Svec, Director - Corporate Communications, , ext. 212, , both of First Advantage Corporation.
SOURCE First Advantage Corporation