Heck people, are we all asleep?? I figured this would have been posted by now... <vbg>
Not too many stocks trading under a buck that get this kind of credit facility.
Ron
*********************************
Thursday August 20, 2:56 pm Eastern Time
Company Press Release
SOURCE: U.S. Technologies, Inc.
U.S. Technologies Receives Credit Facility Terms For Up to $40,000,000 For Acquisition
Financing And Working Capital Needs
ATLANTA, Aug. 20 /PRNewswire/ -- U.S. Technologies Inc. (the ''Company'') (OTC Bulletin Board: USXX - news) today announced that the Company has received credit facility terms
from Finova Capital Corporation (NYSE: FNV - news) for up to $40,000,000 in acquisition financing and related working capital needs. Under these terms, Finova, on an
acquisition-specific basis and subject to due diligence and other conditions, will provide to the Company cash flow loans for acquisitions.
Kenneth H. Smith, President and Chief Executive Officer of the Company, stated that, ''The Company is very pleased to have a relationship with an exceptionally strong financial
institution like Finova,'' adding that, ''the availability of Finova as a financial partner in our future acquisitions, will enable us to maintain our plans and goals for the growth of the
Company. This relationship, together with our previously announced equity infusion of $5,000,000, will allow us to pursue large acquisitions, as anticipated in our business plan.''
U.S. Technologies Inc., based in Marietta, Georgia, is a national outsourcing company, which solicits labor-intensive work from Fortune 1000 companies, to be performed by its
manufacturing subsidiary, Labor-to-Industry Inc. (LTI), or by its service subsidiary, Service-to-Industry Inc. (STI). The Company performs its work utilizing detention facility inmates,
under the guidelines of the Prison Industry Enhancement Program (''PIE Program''). The PIE Program, a federal program created by Congress in 1979, is designed to rehabilitate, educate
and train inmates, and, thereby, provide them with marketable skills, through their employment in private-sector industry.
For further information contact Kenneth H. Smith or John P. Brocard at (770) 565-4311 or visit the Company's web site at usxx.com.
Certain statements in the release contain ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be
identified by the use of forward-looking terminology, such as ''may,'' ''will,'' ''expect,'' ''estimate,'' ''anticipate,'' ''believe,'' ''target,'' ''plan,'' ''project,'' ''continue,'' or the negatives thereof,
or other variations thereon or similar terminology, and are made on the basis of management's plans and current analyses of the Company, its business and the industry as a whole.
These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to
regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect, the Company's financial performance and could cause actual results for
1998 and beyond to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results
expressed or implied therein will not be realized.
SOURCE: U.S. Technologies, Inc. |
