Datametrics Corp. secures extension of $7 million line of credit.WOODLAND HILLS, Calif.--(BUSINESS WIRE)--March 21, 1996-- Datametrics Corp. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :DC) announced at its annual shareholder meeting on March 19 that it has secured a one-year extension of its $7 million line of credit with its existing lender, Imperial Bank. In other developments, the company announced shareholder approval of the Datametrics Employee Qualified Stock Repurchase Plan stock repurchase plan 1. See buyback. 2. See self-tender. , which authorizes company employees to purchase shares of Datametrics common stock through payroll deductions in accordance with Section 423 of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . As reported, more than 45 percent of employees are enrolled in the stock purchase plan, including all officers. Sidney E. Wing, president and chief executive officer of Datametrics, said: "While this bank credit facility is not being utilized at this time, the extension provides us with added available working capital as we continue to develop the market for our CYMax high-speed color printer A printer that prints in color using three (CMY) or four (CMYK) colors of ink, toner or dye. Four color ribbons have been used in dot matrix printers, but these are rare today. See color laser printer and printer. ." Wing added: "We're pleased both with the level of participation of our employees in setting aside funds for the purchase of the company's common stock and that the enrollment includes employees of both our Defense and Commercial Business Units." Wing also announced that Datametrics will be hosting a reception on Monday, March 25, 1996, at 4:15 p.m. at the Grand Hyatt Hotel in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. during which it will conduct demonstrations of the Datametrics' CYMax high-speed full color printer. Further, the company will demonstrate numerous CYMax applications at the annual On-Demand Digital Printing & Publishing Strategy Conference & Exposition from April 23-25, 1996, at the Jacob K. Javits Convention Center Jacob K. Javits Convention Center is a large convention center on the west side of Manhattan in New York City. It was designed by architects I. M. Pei and partners. The revolutionary space frame structure was built in 1986 and named for New York Senator Jacob K. in New York City. Founded in 1962, Datametrics Corp. produces computer peripherals and communications products for industrial, commercial and governmental markets. The company is primarily engaged in the design, development, manufacture and sale of high-speed color printers, high-resolution non-impact printer/plotters, ruggedized computers and workstations, and data entry keyboards. "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. " Statement under 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: The statements contained in this release which are not historical facts are 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. that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including delays in completion of the company's product offerings, introductions of competing products, cancellations of orders, the availability of adequate working capital to finance the development, manufacture and marketing of products, general market acceptance of the company's CYMax printers, fluctuations in margins, customer reorganizations, demand fluctuations, and other risks detailed in the company's Securities and Exchange Commission filings. CONTACT: Datametrics Corp., Woodland Hills Sidney E. Wing, 818/598-6200 or Silverman Heller Associates Eugene G. Heller, 310/208-2550 |
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