BPI Packaging Technologies Announces $2,000,000 Working Capital Revolving Line of Credit.N. DIGHTON, Mass.--(BUSINESS WIRE)--Aug. 13, 1998--BPI Packaging Technologies, ("the company") ((NASDAQ/NMS:BPIE BPIE Base Procured Investment Equipment ) (Common Stock)), announces it has accepted the proposal of Global Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Inc., to replace the existing Foothill Capital Corp. revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. . C. Jill Beresford, chairman and chief executive officer, stated, "This new credit facility will eliminate the present $500,000 cap on availability through Foothill. Its availability will provide us with the working capital necessary to perform successfully on our current backlog as well as on the Printpack orders expected to begin this quarter. This credit facility, coupled with our recent significant overhead reductions, will result in the company operating on a positive cash flow basis by the end of this quarter for the first time in recent history." Philip Dushey, executive vice president, Global Financial Services, stated, "We are pleased to provide this revolving line of credit to the company through our affiliates, United Credit and Patriot Funding, and are prepared to increase availability as their business grows. We are also analyzing the company's present capital and operating leases with the objective of significantly lowering their cost." Beresford concluded, "This is a major step in our financial restructuring and provides a sound basis of financing for the company's continued growth." 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., is a leading manufacturer of proprietary thin, clear film for tissue and bundle overwrap, proprietary plastic carryout car·ry·out adj. Intended to be consumed away from the place of sale; takeout: a shop offering carryout sandwiches. n. An item of food or a meal that is to be consumed away from the place of sale. bags sold to convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. and produce departments of supermarkets and proprietary in-store advertising and promotion products. Certain statements contained in this press release are not based on historical facts, but are "forward looking statements" within the meaning of 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, that are based upon a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Actual events and results may materially differ from anticipated results described in such statements.
CONTACT: BPI Packaging Technologies Inc., N. Dighton
C. Jill Beresford, 508/824-8636
or
Tower Research Associates
Arthur Stupay, 216/861-4816
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