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SYM-TEK SYSTEMS INC. EXTENDS BANK FINANCING

 SAN DIEGO, April 6 /PRNewswire/ -- Sym-Tek Systems Inc. (NASDAQ: SYMK) announced that it has reached an agreement with its bank regarding the extension of its $3.5 million revolving credit facility to July 1, 1993. The bank has agreed to make advances to Sym-Tek based on the amount of eligible accounts receivable and inventory during the term of the credit facility.
 The company expects to report a substantial loss for its fiscal year and fourth quarter which ended March 31, 1993. Ray Twigg, president of Sym-Tek, said the losses from operations have been coming down quarter to quarter over the course of the year. However, excess inventory is being carefully reviewed and a write-down would appear to be in order which could significantly inflate the fourth quarter and fiscal 1993 loss.
 The company is presently in discussions with lenders to provide financing to replace the company's existing bank line. The company is also pursuing alternative financing arrangements and additional capital through a variety of sources. No definitive agreements have been reached to date. The company has implemented significant cost- cutting programs, but still will be required to obtain suitable financing through one or more sources to continue as a going concern.
 Sym-Tek Systems Inc. manufactures and sells electro-mechanical handlers that heat or cool integrated circuits to precise temperatures, place them into position for testing and sort them based on test results. The market for the company's products is driven by worldwide capacity increases for semiconductors as well as the continually changing packages that house the integrated circuits.
 -0- 4/6/93
 /CONTACT: Ray Twigg, president, or Lowell W. Giffhorn, VP- Finance, of Sym-Tek, 619-674-6800; or Tom Gable or Julie Smutko of The Gable Group, 619-234-1300, for Sym-Tek/
 (SYMK)


CO: Sym-Tek Systems Inc. ST: California IN: CPR SU: FNC

EH-KJ -- SD007 -- 3494 04/06/93 14:14 EDT
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Publication:PR Newswire
Date:Apr 6, 1993
Words:307
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