Lowrance has expanded credit facility. Contrary to a previous post:
Lowrance Board Members Purchase $1.5 Million of Common Stock;
Bank Credit Facility Expanded By $1 Million
Business Wire - December 10, 1997 08:04
%LOWRANCE-ELECTRONICS LEIX %CALIFORNIA %COMPUTERS %ELECTRONICS %COMED V%BW P%BW
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TULSA, Okla.--(BUSINESS WIRE)--Dec. 10, 1997--Lowrance Electronics Inc. (Nasdaq:LEIX) Wednesday announced
that members of its board of directors and officers of Lowrance have purchased Lowrance Common Stock for a total of $1.5
million in cash, including approximately $200,000 from the exercise of certain outstanding common stock options and
approximately $1.3 million from the private placement of newly issued common stock that is unregistered and restricted stock.
These purchases represent a total of approximately 400,000 shares of newly issued common stock. There previously were
approximately 3.4 million Lowrance common shares outstanding.
Lowrance also announced that as a result of the $1.5 million equity injection into Lowrance, its primary lender, Fleet Capital
Corp., has expanded the company's bank credit facility by an additional $1.0 million, increasing total borrowing capacity to
$34.0 million.
"With this investment, our board of directors and officers have issued a strong vote of confidence in Lowrance's future.
Together with our expanded bank line of credit, the fresh capital will help us meet our current cash needs required to sustain
our growth in the burgeoning market for global positioning system (GPS) equipment, and meet expected demand for the
company's new, low-cost GPS and sonar products introduced last year," said president and chief executive officer Darrell
Lowrance.
Lowrance Electronics designs and manufactures sonar products and orbital satellite receivers, plotters and mapping systems
using the global positioning system (GPS) under the brand names "Lowrance," "Eagle" and "Sea" Electronics. These products
are used primarily for sport fishing, hunting, recreational boating and other outdoor applications as well as in general aviation. |
