Concord Camera Corp. finalizes two financing transactions; Extends credit facility through 1997 and signs $2,000,000 equipment financing agreement.AVENEL, N.J.--(BUSINESS WIRE)--Aug. 12, 1996--Concord Camera Corp. (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 National Market: LENS) today announced the finalization of two financing transactions. An existing credit facility with the CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Group of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of was extended through May 31, 1997. The existing facility was amended to provide for a total borrowing of up to $5.0 million against eligible receivables and inventory. In addition, the Company has entered into a $2.0 million equipment financing with GE Capital Finance Ltd. Hong Kong. This long term arrangement involved the financing of certain capital equipment and other fixed assets of the Company's Hong Kong subsidiary and its manufacturing facilities located in the People's Republic of China (PRC). Commenting on the news, Ira B. Lampert, 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 Concord Camera Corp., said, "The extension of the CIT credit facility demonstrates their continued confidence in Concord, its financial strength and future performance. We view the GE transaction as an important first step in securing traditional long term financing for our expanded manufacturing facilities located in the PRC." Further, he added, "The Company is currently exploring additional financing opportunities for its China manufacturing facilities as well as additional credit facilities for its European and Canadian subsidiaries." Concord Camera Corp. is principally engaged in the manufacture and sale of popularly-priced, easy-to-use, 35 millimeter, 110 cartridge, and single-use cameras which it manufactures and assembles in the PRC under the trade names CONCORD, KEYSTONE, LE CLIC CLIC Centre Local d'Information et de Coordination (French) CLiC Climate and Cryosphere (World Climate Research Programme project, Norway) CLIC Compact Linear Collider CLIC Connecticut Licensing Information Center and, for sales outside the United States and Mexico, ARGUS Argus (är`gəs) or Argos (är`gŏs, –gəs), in Greek mythology. 1 Many-eyed monster, also called Panoptes. He guarded Io after she had been changed into a heifer. trade names, as well as private labels. The Company sells and markets its camera products worldwide through direct sales offices in the United States, Canada, Germany, Hong Kong, Japan, Panama, United Kingdom, France and through independent sales agents. CONTACT: Concord Camera Corp. Steve Jackel, Pres. & COO (908) 499-8280 or LENS' INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. COUNSEL: The Equity Group Inc. Jeff Siegel, (212) 836-9304 Linda Latman, (212) 836-9309 |
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