Condor Announces Credit Facility Restructuring

Apr 30, 2001, 01:00 ET from Condor Technology Solutions Inc.

    ANNAPOLIS, Md., April 30 /PRNewswire/ -- Condor Technology Solutions Inc.
 (OTC Pink Sheets:   CNDRE), a provider of interactive and eBusiness technology
 solutions, today announced that the company and its credit facility lender
 group have reached agreement in principle to a restructuring of the company's
 debt.  The contemplated restructuring would include a four-year credit
 facility, consisting of a $15 million interest-bearing note with amortization
 payments, a $12 million note bearing interest beginning in year three, and
 continuation of a $5 million letter of credit for trade suppliers.  The
 $15 million note carries an interest rate of prime plus 0.50% with minimal
 amortization payments for 2001.  In addition, the company would issue to a
 trust established by the lender group a $12 million non-interest bearing note
 due January 1, 2002, that would be cancelled upon approval of stockholders to
 a recapitalization of the company and the issuance of equity in consideration
 for cancellation of that note.
     Jim Huitt, Condor's president and chief executive officer, said: "I am
 pleased with the contemplated restructuring and look forward to the planned
 proposal to stockholders regarding a recapitalization of the company.  Condor
 continues to reorganize internally and its performance is improving as
 evidenced by a positive $3.4 million in cash flow from operations in 2000
 compared to a negative operating cash flow of $2.6 million in 1999.
 Restructuring the credit facility will provide the company a financial base to
 support future operations."
 
     Condor Technology Solutions Inc.
     Condor Technology Solutions Inc. provides Internet/eBusiness development,
 interactive communications and technology solutions to commercial and
 government clients.
 
     Safe Harbor
     Statements in this press release that are not strictly historical are
 "forward looking" statements that are subject to risk and uncertainty.
 Factors that could cause actual results to differ materially include, but are
 not limited to, managing risks associated with client projects, competition,
 acquisitions, acquisition integration, retention of clients of acquired
 companies, attracting and retaining highly skilled employees, revenue and
 earnings assumptions based on assumptions about continued growth and margins,
 as well as other risks detailed in company reports filed with the Securities
 and Exchange Commission, including its prospectus, 10-K and 10-Q filings.
 
     CONTACT:  W. M. Robbins, Vice President and Chief Financial Officer of
 Condor Technology Solutions, 410-266-8700, or mrobbins@cndr.com.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X32415657
 
 

SOURCE Condor Technology Solutions Inc.
    ANNAPOLIS, Md., April 30 /PRNewswire/ -- Condor Technology Solutions Inc.
 (OTC Pink Sheets:   CNDRE), a provider of interactive and eBusiness technology
 solutions, today announced that the company and its credit facility lender
 group have reached agreement in principle to a restructuring of the company's
 debt.  The contemplated restructuring would include a four-year credit
 facility, consisting of a $15 million interest-bearing note with amortization
 payments, a $12 million note bearing interest beginning in year three, and
 continuation of a $5 million letter of credit for trade suppliers.  The
 $15 million note carries an interest rate of prime plus 0.50% with minimal
 amortization payments for 2001.  In addition, the company would issue to a
 trust established by the lender group a $12 million non-interest bearing note
 due January 1, 2002, that would be cancelled upon approval of stockholders to
 a recapitalization of the company and the issuance of equity in consideration
 for cancellation of that note.
     Jim Huitt, Condor's president and chief executive officer, said: "I am
 pleased with the contemplated restructuring and look forward to the planned
 proposal to stockholders regarding a recapitalization of the company.  Condor
 continues to reorganize internally and its performance is improving as
 evidenced by a positive $3.4 million in cash flow from operations in 2000
 compared to a negative operating cash flow of $2.6 million in 1999.
 Restructuring the credit facility will provide the company a financial base to
 support future operations."
 
     Condor Technology Solutions Inc.
     Condor Technology Solutions Inc. provides Internet/eBusiness development,
 interactive communications and technology solutions to commercial and
 government clients.
 
     Safe Harbor
     Statements in this press release that are not strictly historical are
 "forward looking" statements that are subject to risk and uncertainty.
 Factors that could cause actual results to differ materially include, but are
 not limited to, managing risks associated with client projects, competition,
 acquisitions, acquisition integration, retention of clients of acquired
 companies, attracting and retaining highly skilled employees, revenue and
 earnings assumptions based on assumptions about continued growth and margins,
 as well as other risks detailed in company reports filed with the Securities
 and Exchange Commission, including its prospectus, 10-K and 10-Q filings.
 
     CONTACT:  W. M. Robbins, Vice President and Chief Financial Officer of
 Condor Technology Solutions, 410-266-8700, or mrobbins@cndr.com.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X32415657
 
 SOURCE  Condor Technology Solutions Inc.