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Microcap & Penny Stocks : Berger Holdings BGRH -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ryder who wrote (6)	12/17/1997 2:47:00 PM
From: leigh aulper	Respond to of 83

Looks like we know have money Berger Holdings Ltd. Announces $12.7 Million Financing PHILADELPHIA--(BUSINESS WIRE)--Dec. 17, 1997--Berger Holdings Ltd. (NASDAQ:BGRH) announced Wednesday that it has received commitments for long-term financing arrangements with Summit Bank, Tandem Capital Corp. of Nashville, Tenn. and Argosy Investment Partners, L.P. of Wayne, Pa. The transactions, consist of an increase of its overall credit facility from $4.8 million to $11 million with Summit Bank, $4 million in newly issued convertible preferred stock and $2.5 million in subordinated debt with warrants. Tandem Capital will provide a total of $4.5 million and Argosy will provide $2.0 million. Both the conversion price of the preferred stock and the exercise price of the warrants are $4.25 per share, which represented an approximate 20% premium to the market price of the common stock when the terms were set. Closing of the financings is subject to certain conditions and is expected to occur in early January. Proceeds from the financings are expected to be primarily applied toward funding the company's internal growth, expansion of its facilities and the previously announced acquisition of assets from Benjamin Obdyke Inc. According to Ted Schwartz, Berger's chairman and CEO, "The investment by institutional investors of this caliber is further evidence of the progress Berger has made and the credibility of management's plan to grow revenue internally and through acquisitions." He also indicated "Tandem Capital and Argosy each bring additional advantages to our company, including their advice and counsel in helping us to implement our future acquisition program and their ability to bring us added exposure to other institutional and individual investors." Mike Comegna of Tandem Capital stated, "We are pleased to be a part of this financing relationship. Berger has a solid management team, an exceptional industry reputation, and promising growth characteristics."