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SYM-TEK ANNOUNCES NEGOTIATIONS FOR CREDIT EXTENSIONS AND ALTERNATIVE FUNDING SOURCES

 SYM-TEK ANNOUNCES NEGOTIATIONS FOR CREDIT EXTENSIONS AND
 ALTERNATIVE FUNDING SOURCES
 SAN DIEGO, June 22 /PRNewswire/ -- Following a special meeting of its board of directors, Sym-Tek Systems, Inc. (NASDAQ: SYMK), announced today that it is in default under a revolving credit facility with its bank and has entered into a separate agreement with the bank that allows for limited additional advances for essential operating expenses until June 30, 1992, subject to collection of specified receivables. Further funding beyond June 30 will be pursued by the company with the bank and others.
 "In response to this situation, we are taking steps to reduce operating expenses including reduction in work force and salary cutbacks, with the goal of reducing expenses by 40 percent," according to Ray Twigg, president of Sym-Tek. "The company has also implemented salary reductions for remaining employees ranging from 10 percent to 20 percent for three months, effective immediately. We are also aggressively pursuing all means to accelerate the collection of receivables over the next several months. In addition, we have entered into discussions with alternate funding sources to provide additional cash resources."
 Sym-Tek Systems, Inc., manufactures and sells electromechanical handlers that heat or cool integrated circuits to precise temperatures, places them into position for testing, and sorts them based on test results. The market for the company's products is driven by worldwide capacity for semiconductors as well as the continually changing packages that house the integrated circuits.
 -0- 6/22/92
 /CONTACT: John Moynahan of Sym-Tek, 619-674-6800; or Tom Gable of the Gable Group, 619-234-1300, for Sym-Tek/
 (SYMK) CO: Sym-Tek Systems, Inc. ST: California IN: SU:


GK -- NY001 -- 2217 06/22/92 08:01 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
Words:276
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