The following press release was published on Business Wire on May 5, 1999:
IMP ANNOUNCES FINANCING LINE WITH THE CIT GROUP
The first two paragraphs of the release state:
SAN JOSE, CA., May 5, 1999 - Analog integrated circuit manufacturer IMP, Inc. (Nasdaq: IMPX) today announced the initial funding of a $9.5 million financing line with The CIT Group/Credit Finance of Los Angeles, California. The company plans to use the financing for debt consolidation and working capital purposes.
"This financing arrangement with CIT will allow us to strengthen the new product development and inventory build-up phases of our analog power-management product diversification strategy," said Phil Ferguson, president and CEO of IMP.
According to CIT Group/Credit Finance Regional Manager and Vice President Thomas Hayes, "The credit facility we have negotiated with IMP provides for revolving advances and term loans totaling up to $9.5 million."
The full text of this release is posted on the IMP website at impweb.com
Statements in this press release regarding IMP's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including, but not limited to demand for the Company's products, foundry utilization, the ability of the Company to develop, manufacture and market new products, demand by end-users for the products produced by the Company's customers, and the other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. |
