Friday September 26 1:17 PM EDT
Company Press Release
H.E.R.C. Products Inc. Announces Financing Facility For
Accounts Receivables
PHOENIX--(BUSINESS WIRE)--Sept. 26, 1997--H.E.R.C. Products Inc. (NASDAQ
SmallCap: HERC) announced today the announcement of a factoring facility with KBK Financial,
Inc. of Fort Worth, Texas. 80% of a maximum of $600,000 in eligible receivables may be financed.
The initial term of the facility is two years which may be extended.
S. Steven Carl, Chairman and Chief Executive Officer of H.E.R.C. commented: ``Combined with
the financing from Inter Equity Capital Corporation announced last week, these facilities provide
cash for capital expenditures for our marine contracts and for operating support of all segments of
our business. Additional cash flow is significant to our plan for the growth required to achieve
profitability.
H.E.R.C. Products Incorporated develops, manufactures, and markets products that eliminate and
control scaling and tuberculation on surfaces that come into contact with water, and develops,
manufactures and markets biorational (natural) pest management and plant growth products for the
agricultural and horticultural markets through its three operating divisions: H.E.R.C. Consumer
Products Incorporated, CCT Corp. (both wholly owned subsidiaries), and the Industrial Products
Group.
This press release contains forward looking information. Readers are cautioned not to place undue
reliance on any such forward-looking statements, each of which speaks only as of the date made.
Such statements are subject to certain risks and uncertainties which are disclosed in the company's
SEC reports, including Form 10-KSB for the year ended Dec. 31, 1996 and the Form 10-QSB for
the quarter ended June 30, 1997. |
