Berger Holdings, Ltd. Announces New $14.3 Million Loan Facility With Wachovia Bank; Signs New Lease On 105,000 Sq. Ft. Plant in Warminster, Pa.Business Editors PHILADELPHIA--(BUSINESS WIRE)--June 17, 2002 Berger Holdings, Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BGRH) announced that it has signed a three-year, $14.3 million new loan facility with Wachovia Bank. The terms are LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). based with a maximum not to exceed the then current prime rate. This replaces a previous loan facility that was due to expire on December 31, 2002. The Company also reported that it has signed a five-year lease with options on a 105,000 sq. ft. plant in Warminster, PA. The company intends to consolidate two existing leased plants into the new location providing both cash savings and increased operating efficiencies. Berger will continue to operate the company owned 120,000 sq. ft. plant in Feasterville, PA as well as its leased plants in Dallas, TX and Atlanta, GA. Mr. Theodore A. Schwartz, Chairman and 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 the Company stated, "We feel that these actions along with our continuing stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program will help to enhance the per share intrinsic value Intrinsic Value 1. The value of a company or an asset based on an underlying perception of the value. 2. For call options, this is the difference between the underlying stock's price and the strike price. for our stockholders." He further stated, "As of June 12, 2002, we have repurchased 965,825 shares of common stock. In addition, since September 30, 2000 through transactions involving the repurchase and/or cancellation of warrants and conversion rights, the potential for the issuance of up to approximately 1,341,000 additional shares of the Company's common stock has been eliminated." Berger Holdings, Ltd. is the parent company of Berger Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) Co., which was founded in 1874, and is a manufacturer of the most complete line of roof drainage products specializing in copper as well as residential and commercial snow guards. All of the Company's products are used in new construction, remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling , and renovation markets. Forward-looking statements in this release are made pursuant to the "safe harbor" provisions 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. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risk and uncertainties including but not limited to, continued acceptance of the company's products in the marketplace, competitive factors, new products and technological changes, the Company's dependence upon third-party suppliers and other risks detailed in the company's periodic reports filing with the Securities and Exchange Commission. |
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