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AMERICAN CONSOLIDATED LABORATORIES, INC. ANNOUNCES FINANCING AGREEMENT

RALEIGH, N.C., July 1 /PRNewswire/ -- American Consolidated Laboratories, Inc. (OTC Bulletin Board: EYES) ("AC Labs") a national manufacturer and distributor of specialty contact lenses and lens care products, today announced that it has entered into a financing agreement with Fidelity Funding Financial Group Dallas, Texas. AC Labs CEO Joe Arena said the agreement between Fidelity and AC Labs provides for a working capital line of credit secured by accounts receivable and inventory. The line of credit totals $2 million. The company is entitled to draw down on the line based on its outstanding accounts receivable. Arena said, "We are very pleased to be associated with Fidelity Funding Financial Group. We believe this financing arrangement to be essential to the company's recovery, and will prove to be a key ingredient to the execution of our consolidation strategy within the rigid gas permeable segment of the contact lens industry."

AC Labs operates through its subsidiaries Carolina Contact Lens, Inc., Philcon Laboratories, S-O Nebraska, and Salvatori Ophthalmics Manufacturing Corporation. The company produces complex lens designs such as bifocals, bitorics, and multifocal lenses in rigid gas permeable material, which can provide crisp vision and long life, and in soft lens material which provides good initial comfort. It also distributes a full line of traditional and disposable soft contact lenses made by all major manufacturers.
 -0- 7/1/96


/CONTACT: Joseph A. Arena or Kenneth C. Kirkham, American Consolidated Laboratories, Inc., 919-872-0744/

(EYES)

CO: American Consolidated Laboratories, Inc.; Fidelity Funding

Financial Group ST: Florida, Texas IN: HEA SU:

KW-MS -- FLM021 -- 4656 07/01/96 16:07 EDT
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Publication:PR Newswire
Date:Jul 1, 1996
Words:263
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