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Technology Stocks : JMAR Technologies(JMAR) -- Ignore unavailable to you. Want to Upgrade?

To: brent gephart who wrote (6975)	11/11/1998 11:10:00 AM
From: Starlight	Read Replies (1) \| Respond to of 9695

Brent - Yes - we were told about the extra million in the press release: JMAR ANNOUNCES EXPANSION OF BANK CREDIT LINE TO $6.0 MILLION AT PRIME RATE SAN DIEGO, California (July 23, 1998) – JMAR Technologies, Inc. (formerly JMAR Industries, Inc.) (NASDAQ NM: JMAR), a provider of precision micro-technology systems and products, today announced the expansion of its credit availability from $3.5 million to $6.0 million from Comerica Bank, one of the nation's leading business lenders. The new banking arrangement provides a revolving line of credit to JMAR for up to $5 million bearing interest at Comerica's prime rate, plus an additional $1 million five-year term credit line at the Bank's prime rate for financing equipment purchases and construction of prototype product demonstration systems such as the Company's new Britelight™ lasers. This is in addition to an existing $781,000 equipment financing loan previously made by the Bank directly to JMAR's Precision Systems manufacturing subsidiary. According to John S. Martinez, JMAR Chairman and Chief Executive Officer, the revised banking arrangement reflects the Company's growing financial strength and positive strategic outlook. "This significant expansion of our credit facilities underscores the tremendous financial growth JMAR has experienced since its restructuring four years ago and Comerica's confidence in the strategies we are pursuing to further improve our financial performance in the years ahead," he said. "Operationally, it gives us an additional financing tool that we can use to more fully leverage the strategies that are responsible for the success we are experiencing today while, at the same time, reducing our need for additional equity financing to support future expansion," he added. "Significantly, although our relationship with Comerica goes back to 1993, this is the first time that the institution has extended credit directly to JMAR as a corporation, rather than to our Precision Systems manufacturing subsidiary, previously known as Pacific Precision Laboratories," Dr. Martinez noted. "As a result, we now have greater flexibility to infuse other business initiatives with capital in order to seize strategic opportunities when they arise, thus helping us to maintain – and potentially accelerate – our already rapid growth," he said. Leo Yoffe, President of JMAR Precision Systems, added: "Comerica Bank has been a trusted friend to JMAR for the last five years, providing financing that has been instrumental in helping our manufacturing equipment product lines develop into highly profitable growth engines for the Company. This most recent expansion of JMAR's credit line will help maintain that growth by enabling us to expedite the introduction of a series of new and promising products into the commercial marketplace." Pursuant to the Private Securities Litigation Reform Act of 1995: "The statements regarding JMAR's future sales or profit growth, competitive position or products, projects, or processes currently under development and the ability of the company to successfully apply or otherwise transfer those products, projects or processes to alternate applications are forward-looking statements based on current expectations that involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including delays in shipment or cancellation of orders, concentration of sales to certain markets and customers, timing of future orders, customer reorganizations, failure of advanced technology to perform as predicted, fluctuations in demand, delays in development, introduction and acceptance of new products, changing business and economic conditions in various geographic regions, natural events such as earthquakes, flood and fire and the other risks detailed from time-to-time in the company's reports which are filed with the Securities and Exchange Commission." JMAR Technologies, Inc. develops, manufactures and markets precision measurement, process control and laser manufacturing systems, provides custom semiconductor products for the microelectronics industry and is a leading developer of advanced lithography sources for production of future higher performance semiconductors. ###