Riviera Tool Company Receives New Financing Commitment
2004年5月27日 - 10:09PM
PRニュース・ワイアー (英語)
Riviera Tool Company Receives New Financing Commitment GRAND
RAPIDS, Mich., May 27 /PRNewswire-FirstCall/ -- Riviera Tool
Company (AMEX:RTC) today announced that it has received a
commitment from its primary lender to increase its existing credit
facility. The Company received a commitment to increase its
Revolving Line of Credit from $10.0 million to $12.5 million,
including an increase in work-in-process advance rates and capacity
and an additional $500,000 Equipment Line of Credit. Upon close,
the facility will mature December 1, 2006. The Company anticipates
utilizing the Equipment Line of Credit for its continued investment
efforts in the latest technology as a part of its growth and cost
improvement initiatives. New equipment includes laser cutting
machines and high-speed component machining centers. "We are
extremely pleased to be able to secure this credit facility, and
appreciate the confidence in our business demonstrated by our
primary lender, Comerica Bank," said Kenneth K. Rieth, president
and chief executive officer of Riviera Tool. "This facility will
provide us the financial flexibility necessary to handle
anticipated new large domestic and international orders including
project management, while also reducing our capital costs
approximately $200,000 per year." The Company anticipates closing
the financing within the next 30 days. About Riviera Tool Company
Riviera Tool Co. (http://www.rivieratool.com/ ) designs, develops
and manufacturers large-scale, custom metal stamping die systems
used in the high- speed production of sheet metal parts and
assemblies for the global automotive industry. A majority of
Riviera's sales are to DaimlerChrysler, BMW, General Motors, Ford
Motor Co. and their Tier One suppliers. Safe Harbor Statement under
the Private Securities Litigation Reform Act of 1995: The
statements contained in this news release include certain
predictions and projections that may be considered forward-looking
statements under securities law. These statements involve a number
of important risks and uncertainties that could cause actual
results to differ materially, including but not limited to
economic, competitive, governmental and technological. DATASOURCE:
Riviera Tool Company CONTACT: Kenneth K. Rieth, CEO or Peter
Canepa, CFO, of Riviera Tool Co., +1-616-698-2100; or Jeff Lambert
or Ryan McGrath of Lambert, Edwards & Associates,
+1-616-233-0500, for Riviera Tool Company Web site:
http://www.rivieratool.com/
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