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Diversified Product Inspections, Inc. Signs Capital Financing Agreement With Sofcon Limited.

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OAK RIDGE, Tenn.--(BUSINESS WIRE)--May 22, 2002

Diversified Product Inspections, Inc. (DPRI)(OTCBB:DPRI), a provider of independent product failure analysis, air contamination and fire investigations for the Insurance Industry announced today, that on April 24, 2002 the Company signed a comprehensive capital financing package with Sofcon Limited.

John VanZyll, President and CEO stated, "Terms have been reached for a $300,000 short term bridge financing package, $100,000 of which has already been advanced, and a $3,000,000 equity line of credit. This financing package will provide the capital to reduce debt, continue the aggressive marketing of the company's nationwide product failure Mail-In program for the insurance industry, purchase new software and hardware to improve productivity to handle the 124% increase over the April 2001 product investigations, and have the capital to initiate possible new revenue sources that the Company has been considering."

About Diversified Product Inspections, Inc. (www.dpi-inc.com)

Launched in 1991 and headquartered in Oak Ridge, Tennessee, Diversified Product Inspections, Inc. provides expertise and unbiased, independent investigations on product failures, air contamination and fire investigations of all multi-billion dollar markets which directly impact three groups -- the insurance industry, manufacturers and consumers. In addition, DPI has developed an array of comprehensive services for these three targeted groups, giving the company the ability to better inform consumers of defective products and recalls (http://www.homechecksafety.com), improve quality control processes with manufacturers and work with the insurance industry to recover funds via subrogation -- a process whereby the insurer enforces its right to recoup from any third party that caused the loss on behalf of the policyholder.

A partial list of DPI's current and previous customers include Allstate, Amica, Bankers, Bankers Security, C.N.A., C.S.A.A, Farmers Ins., Fireman's Fund Insurant, First Floridian (Travelers), Florida Farm Bureau, Hartford, Kentucky National, Liberty Mutual, Nationwide, Nationwide Mutual, Reliance, Prudential, Republic, Safeco, Scottsdale, Southern Family, The Johnson Group, T.I.G., Travelers, USAA, United Pacific, Zurich American, Westfield Companies.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. The words "believe," "expect," "anticipate" and "project," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include, but not be limited to, projections of revenues, income or loss, expenses, plans, and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future results could differ materially from those described in forward-looking statements.
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Publication:Business Wire
Date:May 22, 2002
Words:426
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