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ESSEX CORPORATION ANNOUNCES NEW WORKING CAPITAL LENDER

 COLUMBIA, Md., Sept. 24 /PRNewswire/ -- Essex Corporation (NASDAQ-NMS: ESEX) has selected Capitol Resource Funding, Inc., to provide working capital lending. Capitol is located in the Washington- Baltimore metropolitan area and provides asset-based lending.
 Essex has an initial commitment for financing of $1 million with the ability to increase this amount as business growth and conditions warrant. As previously reported, Signet Bank has agreed to convert the $500,000 remaining under the expired line of credit to a term loan amortizing ratably through July 1994. This amount will be transitioned to Capitol.
 Joseph Kurry, chief financial officer and treasurer of Essex, commented: "Capitol Resource is ideally suited to meet our current working capital needs. They understand our business and wanted to provide us with financing. In recent months, we made an intense and exhausting effort to bolster our financing. It was refreshing to deal with Tony Parker and Dave Marrin of Capitol who vigorously pursued our account."
 He added: "Over the years, Signet provided such financing. We regret that current conditions in our business and the banking regulatory climate did not allow for our relationship to continue. We appreciated the flexibility provided by Signet in allowing us the time to work out the best deal for all concerned."
 Essex Corporation, a publicly traded, technology-based company, supplies human reliability assurance and training products and services and optical computer apparatus to government and industry.
 -0- 9/24/93
 /CONTACT: Harry Letaw Jr., chairman and CEO, Essex Corporation, 410-730-1097/
 (ESEX SBK)


CO: Essex Corporation; Capitol Resource Funding, Inc.; Signet Bank ST: Maryland IN: CPR SU:

IH-MH -- DC021 -- 5490 09/24/93 14:56 EDT
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Publication:PR Newswire
Date:Sep 24, 1993
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