Measurement Specialties Announces Bridge Loan; Q2 Sales
FAIRFIELD, N.J., Nov. 1 /PRNewswire-FirstCall/ -- Measurement Specialties (Amex: MSS) today announced it has closed a $9.3 million bridge loan from Castletop Capital, L.P., a limited partnership controlled by Mort Topfer, Vice Chairman of MSS. The loan proceeds were used to refinance the existing bank term loan and revolving debt. The new loan is secured by substantially all of the assets of the Company, and matures January 31, 2003. Castletop Capital, L.P. also received a warrant to purchase up to 2.49% of the Company's common stock. "The proceeds of this loan have allowed us to satisfy all of our outstanding obligations under the previous bank credit agreement which, under the forbearance agreement, matured November 1, 2002," commented Frank Guidone, Company CEO. "Once the second quarter is closed, we will resume our efforts to secure a new revolving credit facility and retire the bridge loan." The Company also announced strong sales for the quarter ended September 30, 2002. Total Consumer sales, boosted by strong promotional demand for tire gauges, were approximately $19 million. Total Sensor sales, at approximately $13.5 million, enjoyed a record quarter (including intercompany shipments, sensor sales exceeded $15 million). For the six months ended September 30, 2002, total third party sales were approximately $56 million. "While the Company has been tackling difficult issues throughout the restructuring" continued Guidone, "we have worked very hard to maintain our commitments and service levels to our customers. Our customer support has been strong, which is evident in the top line." Measurement Specialties is a designer and manufacturer of sensors, and sensor-based consumer products. Measurement Specialties produces a wide variety of sensors that use advanced technologies to measure precise ranges of physical characteristics, including pressure, motion, force, displacement, angle, flow, and distance. Measurement Specialties uses multiple advanced technologies, including piezoresistive, application specific integrated circuits (ASICs), micro-electromechanical systems (MEMS), piezopolymers, and strain gages to allow their sensors to operate precisely and cost effectively. This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, including but not limited to, statements regarding the continued production of current product lines. Forward looking statements may be identified by such words or phases as "intends", "are expected to", "will continue", "is anticipated", "estimated", "projected", "may", "continued listing on the exchange", "we believe", "future prospects", "continue to make solid progress", "return the Company to profitability" or similar expressions. The forward-looking statements above involve a number of risks and uncertainties. Factors that might cause actual results to differ include, but are not limited to, success of any reorganization; consummation of any contemplated sale of assets; ability to raise additional funds; the outcome of the class action lawsuits filed against the Company; the outcome of the current SEC investigation of the Company; conditions in the general economy and in the markets served by the Company; competitive factors, such as price pressures and the potential emergence of rival technologies; interruptions of suppliers' operations affecting availability of component materials at reasonable prices; timely development and market acceptance, and warranty performance of new products; success in integrating prior acquisitions; changes in product mix, costs and yields, fluctuations in foreign currency exchange rates; uncertainties related to doing business in Hong Kong and China; and the risk factors listed from time to time in the Company's SEC reports. The Company is involved in an announced active disposition program. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially. The Company assumes no obligation to update the information in this issue. Make Your Opinion Count - Click Here http://tbutton.prnewswire.com/prn/11690X71591221
SOURCE Measurement Specialties
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