Measurement Specialties Announces New Credit Facility

Feb 03, 2003, 00:00 ET from Measurement Specialties

    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
      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