Monday September 15 7:58 AM EDT
Company Press Release
Pen Interconnect Doubles Credit Line To $6.3 Million
Funds Will Support New OEM Contracts, Inventory, Equipment
SALT LAKE CITY--(BUSINESS WIRE)--Sept. 15, 1997--Pen Interconnect Inc. (NASDAQ:PENC) Monday announced that it has negotiated a new $6.3
million credit line and term line with Finova Capital Corp. of Los Angeles and Phoenix.
The Finova arrangement comes two weeks after Pen announced it had received a $12 million contract from L3 Communications of Salt Lake City to provide several
hundred thousand uninterruptable power supplies (UPS) for L3's wireless, line-of-sight telecommunications systems.
Jim Pendleton, Pen Interconnect's chief executive officer and chairman, said the new credit line will be used to support pending business as well as the new L3
contract, specifically to facilitate working capital.
``With our expanded credit line, Pen is in an ever-stronger position to manage the rapid growth resulting from major new OEM contracts,'' he said.
In addition to other ``pending and soon-to-be-announced'' OEM contracts, Pendleton said the company's plans to introduce new products and technologies before
the end of the year ``remain solidly on schedule.''
Pen Interconnect Inc.
With headquarters in Salt Lake City and with divisions in Tustin, Calif. and Orem, Utah, Pen Interconnect is a total interconnections solutions provider, offering
internal and external custom cable and harness interconnections, power supply and battery charger design, mobile interconnects and EMSI (electronic manufacturing
services industry) manufacturing for OEMs in the computer, peripherals, telecommunications, instrumentation, medical and testing equipment industries.
NOTE: The statements contained in this news release that are not purely historical are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve a number of risks and uncertainties. All
forward-looking statements included in this news release are based on information available to the company on the date hereof and the company assumes no
obligation to update any such forward-looking statements. The company's actual results could differ materially from those anticipated in these forward-looking
statements as a result of certain factors, including competitive factors, technological developments and market demands. Further information on potential factors that
could affect the company's financial results can be found under the heading ``Risk Factors'' in the company's registration statement on Form SB-2, Registration
Number 33-78940, filed with the SEC on July 22, 1994, and in other filings made by the company with the SEC, including, but not limited to, the company's Form
10-Q for the three months year ended April 30, 1997.
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I esp. like the part about "pending and soon to be announced contracts".
But now I'm jealous of you for your 2 1/32 buy and wondering if I can't get a better price than 2 3/8 tomorrow. |
