-Herley Completes Plant Expansion Financing-; -Company Adds Equipment and Manfacturing Capacity-.Business Editors/Hi-Tech Writers LANCASTER, Pa.--(BUSINESS WIRE)--Oct. 24, 2001 Herley Industries Herley Industries, based in Lancaster, Pennsylvania, is an American company that specializes in supplying microwave and millimeter wave products to defense and aerospace industries. , Inc. (Nasdaq:HRLY HRLY Hourly HRLY Herley Industries, Inc. (stock symbol) ) announced today it has closed the $3 million Industrial Development Authority (IDA Ida (ē`dä), city (1990 pop. 91,859), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural market and railway junction. ) Bond financing. The IDA Bond proceeds will be used for plant construction and new equipment purchases. Neil Garefino, Herley CFO See Chief Financial Officer. , stated, "Using the IDA as a funding tool, Herley was able to achieve the implementation of our expansion plans at a very favorable interest rate. The addition of manufacturing capacity and state of the art equipment is expected to improve operating efficiencies at Lancaster, our largest facility." Garefino continued, "We expected the plant expansion will be completed during January 2002, allowing Lancaster to systematically ramp-up production levels to meet the growing needs of our defense customers worldwide." Herley Industries, Inc. is a leader in the design, development and manufacture of microwave technology solutions for the defense/aerospace, medical and commercial communication industries. Based in Lancaster, PA, Herley has eight manufacturing facilities and approximately 650 employees worldwide. Additional information about the company can be found on the Internet at www.herley.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement - Except for the historical information contained herein, this release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements are inherently subject to risks and uncertainties. The Company's results could differ materially based on various factors, including, but not limited to cancellation or deferral of customer orders, difficulties in the timely development of new products, difficulties in manufacturing, increased competitive pressures, and general economic conditions. |
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