Colonial Commercial Corp. Announces $16 Million Credit Line With LaSalle Bank, N.A.LEVITTOWN, N.Y.--(BUSINESS WIRE)--June 30, 1999-- Colonial Commercial Corp. (Nasdaq: "CCOM CCOM Cheshil.com CCOM Conference Council on Ministries (United Methodist Church) CCOM Chicago College of Osteopathic Medicine CCOM Conseil Canadien des Organismes de Motoneige CCOM Call Center Operations Management CCOM Center of Coastal Ocean Mapping ", "CCOMP"), which through its subsidiaries distributes doors and door-related hardware, and heating, ventilation and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. equipment to contractors, developers and architectural firms, today announced that it has entered into a $16 million line of credit with LaSalle Bank LaSalle Bank Corporation is the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. With $116 billion in assets, it is headquartered at 135 South LaSalle Street in Chicago, Illinois. , N.A. in Chicago, Illinois. "We have utilized $2 million of the new credit facility to repay certain loans of our Atlantic Hardware & Supply subsidiary, which carried higher interest rates," stated James W. Stewart, Chief Financial Officer of Colonial Commercial Corp. "Another $7 million of the new line was dedicated towards the purchase of our recently-acquired Universal Supply Group subsidiary. The remaining $7 million is available for general corporate purposes, including future acquisitions. We are currently evaluating additional acquisition opportunities in the building products distribution field." Colonial Commercial Corp., through its wholly-owned subsidiaries, distributes doors and door-related hardware and heating, ventilation and air conditioning equipment to contractors, developers and architectural firms located in the Eastern United States. Its products are installed in commercial, residential and institutional structures, including office buildings, single-family homes, hospitals, hotels, schools, government facilities and multi-family apartment buildings. The Company is headquartered in Levittown, New York Levittown, a suburb of New York City, is a hamlet and unincorporated political subdivision of New York State located on Long Island in Nassau County, New York. As of the 2000 census, the community had a total population of 53,067. , and its common stock is traded on NASDAQ under the symbol "CCOM". Its convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. trade on NASDAQ under the symbol "CCOMP" (Note: Each share of the Company's preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. is convertible into one share of the Company's common stock. Preferred stockholders will be entitled to a dividend, based upon a formula, when and if any dividends are declared on the Company's common stock). This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made pursuant to 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. 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. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. |
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