Cerplex Arranges 4 Million Pound Revolving Credit Facility With Burdale Financial, Ltd.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--Dec. 23, 1999 National Computer Parts Service Provider Receives Credit Facility to Expand Operations in the U.K. Cerplex, Ltd., a subsidiary of the Cerplex Group. Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CPLX), a major provider of parts, repair and logistics services to the high-tech industry, Thursday announced that it has closed a 4 million pound revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with Burdale Financial, Ltd., a London-based majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. of the First Union banking group of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The loan will enable Cerplex, Ltd. to design and build a new, state-of-the-art repair facility on its existing site in Enfield, Middlesex, and provide working capital to support the January 2000 U.K. launch of the PartSmart Network(TM)(PSN (Packet-Switched Network) A communications network that uses packet switching technology. PSN - Packet Switch Node ), an e-commerce parts sourcing solution. "The credit facility from Burdale Financial, Ltd. will play a vital role in our plan to expand our facilities, capabilities and service levels within the U.K. and other European markets," said Geoff Griffiths, Managing Director of Cerplex Ltd. "Cerplex selected Burdale because of its competitive rates and, more importantly, its practical and informed approach to developing this agreement together." "We are very pleased to have been able to provide a comprehensive financing solution for Cerplex," said Dennis Levine Dennis Levine (born 1953) was a prominent player in the Wall Street insider trading scandals of the mid-1980s. [1] As a managing director at Drexel Burnham Lambert, he was charged with insider trading by then U. , chief executive of Burdale Financial, Ltd. "This relationship illustrates how asset-based lending Asset-Based Lending A business loan secured by collateral (assets). The loan, or line of credit, is secured by inventory, accounts receivable and/or other balance-sheet assets. Also known as "commercial finance" or "asset-based financing". is a financing method that can be successfully adapted for companies in the service industry." Working alongside Burdale Financial on the refinancing of Cerplex, Ltd. was Congress Financial Corporation (Western), another First Union company. About Cerplex, Ltd. Cerplex, Ltd. has its U.K. headquarters in Enfield, Middlesex. Its parent company, The Cerplex Group, is based in Irvine. The Cerplex Group provides hardware service outsourcing to the high-technology industry and specializes in asset utilization and service management capabilities, including contract assembly, depot repair, parts procurement and logistics services. Cerplex primarily provides services to the computer and peripheral, office automation, and telecommunications markets. Toll free in the United States: 877/CERPLEX. Fax: 949/754-5346. Web site: www.cerplex.com About Burdale Financial Limited London-based Burdale Financial, Ltd. is a specialist in the field of comprehensive asset-based lending -- a method where funds are advanced and matched according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the value of certain assets such as debtors, stock, plant & machinery and land & buildings. Burdale Financial, Ltd. is a majority-owned subsidiary of the First Union banking group of the United States. First Union has assets in excess of $270 billion and is the fifth largest banking organization in the United States. First Union's asset-based lending business, Congress Financial Corp. (Western), has been a leader in asset-based lending for the last 30 years. Since the acquisition of Burdale Financial, Ltd. in February 1997, the London company's credit lines to customers have increased from 10 million pounds to approximately 150 million pounds. Web site: www.burdale.co.uk/ 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. involving risks, uncertainties and assumptions that may cause actual future events or results to differ materially and adversely from those described or implied in the forward-looking statements. Important factors that may cause such a difference for the company include, but are not limited to, the company's high level of indebtedness and its ability to repay such indebtedness; the company's volume of sales and pricing concessions; the time, rescheduling or cancellation of significant customer orders; the loss of a significant customer; the availability and pricing of competing services; uncertainties associated with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ; the company's ability to retain and hire key executives, technical personnel and other employees needed to implement its business plans; potential business disruptions and other difficulties resulting from "Year 2000" problems in computer-based systems Computer-based systems Complex systems in which computers play a major role. While complex physical systems and sophisticated software systems can help people to lead healthier and more enjoyable lives, reliance on these systems can also result in loss of used by the company, its suppliers or customers; general economic conditions and market conditions; and the other factors discussed in the company's filings from time to time with the Securities and Exchange Commission, including but not limited to the company's reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . The company disclaims any obligation to revise or update any forward-looking statement that may be made from time to time. |
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