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GENERAL KINETICS NEGOTIATES AMENDMENT TO REVOLVING CREDIT FACILITIES WITH PRINCIPAL BANK

GENERAL KINETICS NEGOTIATES AMENDMENT TO REVOLVING CREDIT FACILITIES
 WITH PRINCIPAL BANK
 HERNDON, Va., Jan. 8 /PRNewswire/ -- General Kinetics Incorporated (GKI) (AMEX: GKI), a designer, producer and marketer of high-end, digital secure facsimile equipment and precision enclosures headquartered in Herndon, has announced today that it has successfully negotiated an amendment to its revolving credit facilities with its principal bank.
 This amendment provides for an increase in the borrowing limit under the facility from $1.5 million to $2.5 million through March 1992, and $2.0 million thereafter. Based on this increase in borrowing limits and changes to the collateral borrowing base, management estimates that additional credit of up to approximately $1.4 million will be available under the amended facility through January 1992, $1.15 million through February 1992, and $900,000 thereafter, depending on the company's borrowing base from time to time. The company had initially requested a $2.0 million increase in its revolving facility but after further review of its cash flow needs, management believes the foregoing increases will be sufficient to permit the company to meet its immediate working capital requirements. The amendment for increased credit was necessary due to shipping delays in November in the company's Cryptek Secure Communications Division and the postponement in December of the public offering of the company common stock, as discussed in the company's previous press release dated Dec. 19, 1991. The company is continuing to review the availability of equity financing to meet its medium and long-term working capital needs.
 GKI's Cryptek Secure Communications Division, located in Herndon, is a leader in the design and production of secure facsimile machines and related equipment. Additionally, GKI manufactures precision machined and fabricated electronic enclosures at its operations in Johnstown, Pa., and Orlando, Fla.
 -0- 1/8/91
 /CONTACT: David A. Shaw, president, General Kinetics Incorporated, 703-478-9444/
 (GKI) CO: General Kinetics Incorporated ST: Virginia IN: SU:


SB-MH -- DC003 -- 7623 01/08/92 09:14 EST
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Publication:PR Newswire
Date:Jan 8, 1992
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