U.S. Plastic Lumber Corp. Announces Amendment to Its Senior Lending Credit Facility
BOCA RATON, Fla., Nov 3, 2003 (BUSINESS WIRE) -- U.S. Plastic Lumber Corp. (OTCBB:USPL) today announced that it has entered into a Third Amendment of the Loan and Security Agreement it entered into with Guaranty Business Credit Corporation ("GBCC") on December 19, 2002 (the "Third Amendment").
The Third Amendment provides, among other things, that:
U.S. Plastic Lumber Corp. Announces Amendment to Its Senior Lending Credit Facility
BOCA RATON, Fla., Nov 3, 2003 (BUSINESS WIRE) -- U.S. Plastic Lumber Corp. (OTCBB:USPL) today announced that it has entered into a Third Amendment of the Loan and Security Agreement it entered into with Guaranty Business Credit Corporation ("GBCC") on December 19, 2002 (the "Third Amendment").
The Third Amendment provides, among other things, that:
(i) GBCC agrees to extend the deadline for the Closing Date (as
such term is defined in the Second Amendment) for the Sale
from October 31, 2003 to November 30, 2003; if the Obligations
are not paid in full on or before November 30, 2003, then an
Event of Default shall have occurred entitling GBCC to
exercise all of its default rights and remedies under the GBCC
Credit Facility, and
(ii) GBCC agrees to increase the Special Advance Subline from
$1,750,000 to $2,000,000.
U.S. Plastic Lumber Corp. is engaged in the manufacture of plastic lumber, returnable packaging and other value added products from recycled plastic. U.S. Plastic Lumber is the nation's largest producer of 100% HDPE recycled plastic lumber. Headquartered in Boca Raton, Florida, USPL is a highly integrated, nationwide processor of a wide range of products made from recycled plastic feedstocks. USPL creates high quality, competitive building materials, furnishings, and industrial supplies by processing plastic waste streams into purified, consistent products. USPL's products are environmentally responsible and are both aesthetically pleasing and maintenance friendly. They include such brand names as Carefree Xteriors(R), RecycleDesign(TM), Trimax(R), Earth Care(TM), and OEM products including Cyclewood(R). USPL currently operates three plastic manufacturing centers.
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. When used in this press release, the words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "projected", "intends to" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including but not limited to risks associated with the Company's credit facilities and liquidity, the ability to obtain adequate financing on commercially acceptable terms, economic conditions, demand for products and services of the Company, newly developing technologies, the Company's ability to compete, regulatory matters, protection of the Company's proprietary technology, the effects of competition from entities with greater financial resources than that possessed by the Company and shareholder dilution. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release. Additional discussion of such factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the Company's SEC filings.
SOURCE: U.S. Plastic Lumber Corp.
U.S. Plastic Lumber Corp., Boca Raton
Mark S. Alsentzer or Michael D. Schmidt, 561-394-3511
or
KCSA Worldwide
Evan Smith, CFA or Erica Pettit
212-896-1251 or 212-896-1248
(i) GBCC agrees to extend the deadline for the Closing Date (as
such term is defined in the Second Amendment) for the Sale
from October 31, 2003 to November 30, 2003; if the Obligations
are not paid in full on or before November 30, 2003, then an
Event of Default shall have occurred entitling GBCC to
exercise all of its default rights and remedies under the GBCC
Credit Facility, and
(ii) GBCC agrees to increase the Special Advance Subline from
$1,750,000 to $2,000,000.
U.S. Plastic Lumber Corp. is engaged in the manufacture of plastic lumber, returnable packaging and other value added products from recycled plastic. U.S. Plastic Lumber is the nation's largest producer of 100% HDPE recycled plastic lumber. Headquartered in Boca Raton, Florida, USPL is a highly integrated, nationwide processor of a wide range of products made from recycled plastic feedstocks. USPL creates high quality, competitive building materials, furnishings, and industrial supplies by processing plastic waste streams into purified, consistent products. USPL's products are environmentally responsible and are both aesthetically pleasing and maintenance friendly. They include such brand names as Carefree Xteriors(R), RecycleDesign(TM), Trimax(R), Earth Care(TM), and OEM products including Cyclewood(R). USPL currently operates three plastic manufacturing centers.
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. When used in this press release, the words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "projected", "intends to" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including but not limited to risks associated with the Company's credit facilities and liquidity, the ability to obtain adequate financing on commercially acceptable terms, economic conditions, demand for products and services of the Company, newly developing technologies, the Company's ability to compete, regulatory matters, protection of the Company's proprietary technology, the effects of competition from entities with greater financial resources than that possessed by the Company and shareholder dilution. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release. Additional discussion of such factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the Company's SEC filings.
SOURCE: U.S. Plastic Lumber Corp.
U.S. Plastic Lumber Corp., Boca Raton
Mark S. Alsentzer or Michael D. Schmidt, 561-394-3511
or
KCSA Worldwide
Evan Smith, CFA or Erica Pettit
212-896-1251 or 212-896-1248
.......According to the Great Pumpkin, ".....You're in .....iHub....., Charlie Brown....."!!!
