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Technology Stocks : International FiberCom, Inc. (NASDAQ- IFCI) -- Ignore unavailable to you. Want to Upgrade?

To: Corey Green who wrote (2794)	7/20/1999 8:01:00 AM
From: Kevin G. O'Neill	Respond to of 3541

International FiberCom Increases Credit Lines / Bank Lines to $60 Million biz.yahoo.com Tuesday July 20, 7:31 am Eastern Time Company Press Release International FiberCom Increases Credit Lines Bank Lines to $60 Million Leasing Increased to $10 Million PHOENIX--(BUSINESS WIRE)--July 20, 1999--International FiberCom Inc. (Nasdaq/NM:IFCI - news) Tuesday announced that it has signed a two-year agreement with Phoenix-based, Bank One Arizona, N.A. increasing to $60 million its revolving secured line of credit from $30 million. Bank One will lead and provide $30 million, with San Francisco-based Union Bank of California providing $20 million and Memphis, Tenn.-based, First Tennessee providing $10 million. Borrowings on the new facility will bear interest based on LIBOR, but will not exceed Bank One's prime lending rate. IFCI has also increased to $10 million its leasing line of credit with Bank One Leasing from $5 million. IFCI Chairman and CEO Joseph P. Kealy commented: ''Increasing our line of credit is an important achievement that will assist us in the execution of our strategic business plan to grow IFCI internally, as well as through acquisitions. As we continue to increase our customer base, win larger contracts and begin to extend our reach into international markets, we will draw on our line of credit to fund this internal growth. ''Additionally,'' Kealy continued, ''our recent announcement of the Letter of Intent to acquire privately owned systems integration firm Washington Data Systems Inc. is a clear indication that we are committed to an aggressive acquisition strategy. When we find a company that complements our existing businesses, has strong management, is profitable with good cash flow and presents excellent growth prospects, we will actively pursue it.'' International FiberCom is a leading provider of a wide range of engineering, development and maintenance services for fiber-optic, broadband networks, public telephone networks, local and wide area networks, and specialized wireless applications. With a number of recent strategic acquisitions that complement and enhance existing services and products, International FiberCom has positioned itself as a ''one-stop shop'' for the telecom and cable TV industries. This news release contains certain forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, by their very nature, include risks and uncertainties. Accordingly, the company's actual results could differ materially from those discussed in this release. A wide variety of factors could cause or contribute to such differences and could adversely impact revenues, profitability, cash flows and capital needs. Such factors, many of which are beyond the control of the company, include the following: the company's success in obtaining new contracts; the volume and type of work orders that are received under such contracts; the accuracy of the cost estimates for projects; the company's ability to complete its projects on time and within budget; levels of, and ability to collect accounts receivable; availability of trained personnel and utilization of the company's capacity to complete work; the company's ability to complete proposed acquisitions and, upon their completion, to integrate the acquisitions into its organization and manage its growth; competition and competitive pressures on pricing; and economic conditions in the United States and in the regions served by the company. A more complete listing of cautionary statements and risk factors is contained in the company's report on Form 10-KSB for the year ended Dec. 31, 1998, filed with the Securities and Exchange Commission. Contact: Allen & Caron Inc. Damon Wright (investors) Owen Daley (media) 714/957-8440