Aavid Thermal Technologies, Inc. Announces Senior Debt Refinancing and Sale of Curamik Subsidiary.Business/Technology Editors CONCORD, N.H.--(BUSINESS WIRE)--Aug. 1, 2002 Aavid Thermal Technologies, Inc., a leading provider of thermal management solutions and developer of computational fluid dynamics Computational fluid dynamics The numerical approximation to the solution of mathematical models of fluid flow and heat transfer. Computational fluid dynamics is one of the tools (in addition to experimental and theoretical methods) available to solve software, announced that on August 1, 2002, it entered into a new senior credit facility with LaSalle Business Credit, Inc. and CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company , Inc. Both LaSalle and CIBC had been senior lenders in Aavid's prior banking facility. The new asset-based facility allows borrowings of up to $27,500,000. In addition, the Company announced that it sold all of its ownership interest in curamik electronics GmbH to Electrovac Fabrikation Electrotechnischer Spezialartikel GesmbH on July 17, 2002. Under the terms of the sale, Aavid received consideration of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 31,290,000. Bart Patel, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Aavid commented, "We are pleased to be continuing our banking relationship with LaSalle and CIBC. The refinancing of our senior debt and the sale of curamik strengthen Aavid's capital structure and financial flexibility, allowing for continued investment in and growth of the company." Company Background Aavid Thermal Technologies, Inc. is a leading provider of thermal management solutions for dissipating potentially damaging heat from digital and industrial electronics, and computational fluid dynamics (CFD CFD - Computational Fluid Dynamics ) software, which permits computer modeling and flow analysis of products and processes that would otherwise require time-consuming and expensive physical models and the facilities to test them. Aavid serves a highly diversified range of markets, principally in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and the Far East. Additional information on Aavid Thermal Technologies is available on the World Wide Web at http://www.aatt.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 Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 The matters discussed in this release contain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to the Company that is based on the beliefs of the management of the Company, as well as assumptions made by and information currently available to the management of the Company. The words "estimate," "project," "believe," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events, and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. The Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. |
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