Measurement Specialties Announces New Credit Facility
FAIRFIELD, N.J., Feb. 3 /PRNewswire-FirstCall/ -- Measurement Specialties (Amex: MSS) announced today that effective Friday, January 31, 2003, the Company has entered into a three-year $15 million revolving credit facility with Fleet Capital Corporation ("FCC"). Upon closing, $7.3 million was drawn against the FCC facility and used to reduce amounts under the $9.3 million bridge loan previously obtained from Castletop Capital, LP ("Castletop") to $2 million, and the term of the Castletop loan was extended to 1/31/2005. The FCC facility is secured against substantially all of the Company's assets. Castletop's loan and security interest in the Company's assets are subordinate to those of FCC. The balance of the availability under the new credit facility will be used for operating working capital needs. "We are pleased to have completed this very important step of our turnaround," commented Frank Guidone, CEO. "Having a lender with the reputation and strength of Fleet provide this facility is a strong endorsement of our progress and future prospects." "We are impressed with the way Measurement Specialties' management has repositioned the Company to take advantage of future growth opportunities," said Fleet Capital Senior Vice President Brian Tornow. 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. Fleet Capital Corporation, which has more than 20 offices located throughout the United States, provides asset-based loans and a broad array of capital markets products to domestic middle-market companies and their foreign subsidiaries. Fleet Capital is part of FleetBoston Financial, the nation's seventh largest financial holding company with approximately $190 billion in assets. The company's principal businesses, Personal Financial Services and Wholesale Banking, offer a comprehensive array of innovative financial solutions to 20 million customers. Fleet's Wholesale Banking division provides commercial lending, syndications, leasing, cash management, asset-based finance, foreign exchange and interest rate derivatives to corporate clients. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF) and the Boston Stock Exchange (BSE: FBF). For more information about Fleet Capital, visit us at www.fleetcapital.com. Company contact: Frank Guidone, CEO - 973 808-3020 Investor contact: Aimee Boutcher - 973 239-2878 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.
SOURCE Measurement Specialties
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