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Reborn Coffee receives $1M strategic credit facility

Reborn Coffee has secured a new $1M credit facility with DRE to fund working capital requirements and operating expenses. Dennis R. Egidi, Vice Chairman of the Board of Directors for Reborn Coffee, manages DRE and DRE’s credit facility demonstrates confidence in Reborn’s ongoing growth anticipated from company-operated store sales and other products, with store revenues expected to occur from both location and product expansion. Mr. Egidi joined Reborn Coffee Inc. as a Director and the Vice Chairman of the Board of Directors in June of 2020. Mr. Egidi formed DRE, an Illinois real estate development company in 1993, developing over 30 affordable housing projects in Illinois, Ohio, Indiana, Iowa, and California, totaling approximately 5,000 units. Today, he continues to serve as President of DRE, and acts as Managing General Partner of 15 limited partnerships, of which 5 have been redeveloped over the past 5 years. The new credit facility requires interest-only payments until maturity, bears variable interest at a rate equal to one percentage point in excess of that rate shown in the Wall Street Journal as the prime rate, never be less than 8% per year, and has a maturity date of May 31, 2025.

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