Another smart move - and LPAC moves up the financial ladder a rung with a new link to Merrill Lynch:
Monday June 25, 8:20 am Eastern Time
Press Release
Laser-Pacific Establishes Banking Relationship, Arranges New $8 Million Credit Facility With Merrill Lynch
HOLLYWOOD, Calif.--(BUSINESS WIRE)--June 25, 2001--Laser-Pacific Media Corporation (Nasdaq:LPAC - news) today announced it has established a banking relationship with Merrill Lynch Business Financial Services, along with a new, more favorable credit facility which will provide the company with an $8 million non-asset based line of credit and an equipment term loan.
James R. Parks, chairman and chief executive officer of Laser-Pacific, said the new credit facility has a lower interest rate and less restrictive terms than the company's previous asset-based line with The CIT Group. It will be used to refinance an existing equipment loan and provide the company with additional working capital.
``Laser-Pacific's improved financial condition has made it an attractive customer to major financial institutions,'' said Parks. ``We are pleased to have established an association with Merrill Lynch and look forward to a close working relationship.''
About Laser-Pacific Media Corp.
Laser-Pacific Media Corp. is a premier media technology company providing one of the most comprehensive offerings of post-production services to the motion picture, television and digital media industries. Well known as a leading provider of advanced high definition services to the entertainment industry, Laser-Pacific opened the world's first digital high definition facility in March 1998. The company is recognized for its pioneering work and technical innovations and has been awarded four Emmy(TM) awards for outstanding achievement in engineering development, as well as numerous awards for technical excellence in the post production of television and the authoring of DVDs.
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Contact:
Laser-Pacific Media Corp.
Robert McClain, 323/462-6266
investor@laserpacific.com
or
PondelWilkinson MS&L
Gary Maier/Angie Yang, 310/207-9300
investor@pondel.com |
