THE JPM COMPANY ANNOUNCES CREDIT EXTENSION
Lewisburg, PA. September 21, 2000. The JPM Company (NASDAQ/NMS:JPMX)
successfully concluded its negotiations with its lending group, securing an
additional $5 million in credit availability. The lending group, led by First
Union National Bank, extended its revolving credit facility from $70 million to
$75 million.
The Company had been operating under a temporary waiver of loan covenants.
With the new funds, the banks extended the waiver until December 31, 2000, which
is also the termination of the revised credit facility.
Jack Fitzgibbons, President and Chief Operating Officer, stated "Our entire
organization has worked hard to improve materials management and inventory
levels over the past few months. With this support from our financial
institutions, we hope to establish more favorable trade relations with our
suppliers and return to the service levels our customers have rightfully
expected from JPM over the years. We genuinely appreciate the patience and
support that has been given our company during this difficult time."
The JPM Company is a leading independent manufacturer of cable assemblies
and wire harnesses for original equipment manufacturers and contract
manufacturers in the computer, networking and telecommunications sectors of the
electronics industry. Headquartered in Lewisburg, PA, JPM also has manufacturing
facilities in Beaver Springs, PA; Columbus, OH; San Jose, CA; Guadalajara,
Mexico; Toronto and Calgary, Canada; Sao Paulo, Brazil; Leuchtenberg, Germany
and Bela, Czech Republic. For further information contact: Kevin Bratton or
David Surgala at (570) 524-8248.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995. This release may contain forward-looking statements that involve risks
and uncertainties. Among the important factors which could cause actual results
to differ materially from those forward-looking statements are the results of a
review of strategic alternatives for financing and partnership currently being
performed by Lehman Brothers, costs associated with integration and
administration of acquired operations, costs related to the start-up of new
business with new or existing customers, the impact of competitive products and
pricing, product demand, the presence of competitors with greater financial
resources, availability of additional sources of financing and commercialization
risks, capacity and supply constraints or difficulties, delays in product
transfers, the results of financing efforts and other factors detailed in the
Company's filings with the Securities and Exchange Commission including recent
filings of Forms 10-K and 10-Q.
