BPI Packaging Technologies, Inc. Announces Investigation of Certain Accounting Issues.Business/Technology Editors NORTH DIGHTON, Mass.--(BUSINESS WIRE)--Nov. 17, 2000 BPI (Bits Per Inch) The measurement of the number of bits stored in one linear inch of a track (storage channel) on a disk or tape. Bit density on magnetic disks has reached 800,000 bpi (800 Kbpi). See tpi, areal density and magnetic disk. BPI - bits per inch Packaging Technologies, Inc. (the "Company") BPIE BPIE Base Procured Investment Equipment , a manufacturer of thin high molecular weight, high density polyethylene High-density polyethylene (HDPE) is a polyethylene thermoplastic made from petroleum. It takes 1.75 kilograms of petroleum (in terms of energy and raw materials) to make one kilogram of HDPE. films and bags, today announced that it is investigating certain accounting and inventory matters. The Company has informed its lenders of the investigation. It is premature to determine whether the Company will be required to restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state its financial statements. Mr. Ivan J. Hughes, the Company's Acting Chief Executive Officer, stated that "Our Board of Directors views these matters with the highest degree of concern. We have assembled an experienced team of internal and external accountants and auditors to investigate these matters with the full cooperation and support of our Board of Directors and our senior management team. We are committed to the credibility of our accounting procedures and to maintaining strong relationships with our customers and vendors, which has been a hallmark of our Company. We will gather the facts as quickly as possible and we will take prompt, remedial action A remedial action is a change made to a nonconforming product or service to address the deficiency. Rework and repair are generally the remedial actions taken on products, while services usually require additional services to be performed to ensure satisfaction. . Our stockholders should be assured that we plan to take all necessary steps to protect BPI." The Company remains in default in its credit obligations with LaSalle Business Credit, Inc. and DGJ, L.L.C. LaSalle has notified the Company that it will make no further advances to the Company after November 17, 2000 unless, the Company can provide LaSalle with additional collateral enhancement. DGJ has indicated a willingness to defer exercising its rights and remedies upon default pending discussion with the Company regarding curing the default. Since no formal agreement has been executed between the Company and DGJ to cure the event of default, the Company is now classifying its obligation to DGJ as a current liability as of September 30, 2000. Statements included in this update that are not historical in nature, are intended to be, and are hereby identified as, "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. " for purposes of the 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. provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67. Forward-looking statements may be identified by words including "anticipate," "believe," "intends," "estimates," "expect," and similar expressions. The Company cautions readers that forward-looking statements, including, without limitation, those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's future business prospects are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to factors such as those relating to economic, competitive, governmental, technological and other risks and factors, identified from time to time in the Company's reports filed with the SEC. |
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