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MACHINE TECHNOLOGY, INC. ANNOUNCES RESTRUCTURING OF $2.5 MILLION OF TRADE DEBT

 PARSIPPANY, N.J., Feb. 1 /PRNewswire/ -- Machine Technology, Inc. (NASDAQ: MTEC), today reported that it had concluded an agreement with substantially all of its suppliers, restructuring approximately $2.5 million of its trade debt.
 Pursuant to this agreement, the company will issue approximately 400,000 shares of its common stock at a price of $1.481 per share in exchange for approximately $600,000 of trade debt. The balance of the indebtedness of approximately $1.9 million will be paid in equal monthly installments from January 1993 through April 1997 at an annual interest rate of approximately 2 percent. Additional terms of the agreement called for the company to continue purchasing its requirements from these trade creditors at competitive prices and delivery terms and to maintain payables to these creditors on a current basis by effecting payment upon delivery.
 Machine Technology, Inc., designs, manufactures and markets automated production systems used in the manufacture of semiconductor devices.
 -0- 2/1/93
 /CONTACT: Gary Hillman, president, 201-386-0600, ext. 223, or Stephen C. Clark, controller, 201-386-0600 ext. 212, both of Machine Technology/
 (MTEC)


CO: Machine Technology, Inc. ST: New Jersey IN: SU:

LR-GK -- NY085 -- 1449 02/01/93 14:15 EST
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Publication:PR Newswire
Date:Feb 1, 1993
Words:198
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