Contact:
Kley Parkhurst, SVP
ePlus Investor Relations
Tel: 703-709-1924
[email protected]
EPLUS ANNOUNCES CREDIT FACILITY
HERNDON, VA - December 21, 2000 - ePlus inc. (Nasdaq: "PLUS"), a leading
provider of remotely-hosted, Web-based e-procurement, asset management, and
financing solutions, announced that it established a 364 day revolving line of
credit for $20 million with National City Bank on December 19, 2000. The
National City credit facility replaces the First Union credit facility which
expired December 19, 2000.
Michael J. Labrum, senior vice president of National City Bank said "We have
known the principals of ePlus for several years. The company has strong
management, a very strong and conservative balance sheet, and has delivered
profitable financial results for ten years. We have had the chance to watch
their e-commerce initiatives over the past year and are very excited about their
growth potential." He continued "We expect to amend this line to a three year
facility and add additional banks in the first quarter of 2001."
Phillip G. Norton, chairman, president and chief executive officer said
"National City Bank is a leading lender to our industry and we are very pleased
that they have become our agent for the renewal of our line of credit facility.
The facility is structured to allow other banks to easily join the line in the
future, so that we can expand the line to capture opportunities as they arise."
The Company currently has no amounts outstanding under the line of credit.
About National City
National City Corporation (NYSE: NCC) is an $85 billion financial holding
company based in Cleveland, Ohio. The company offers a full range of financial
services including investment banking, brokerage, mutual fund, insurance and
traditional banking services to individuals and businesses. National City has
offices in Ohio, Pennsylvania, Michigan, Indiana, Kentucky and Illinois.
National City can be found on the World Wide Web www.national-city.com.
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ePlus, ePlusSuite, Procure+, Manage+, and Service+ are trademarks of ePlus inc.
Finance+ is a registered service mark. Other trademarks and service marks used
herein are the property of their respective owners.
About ePlus:
ePlus is a leading provider of remotely-hosted, Web-based e-procurement, asset
management, and financing solutions. ePlus both simplifies and shortens the
implementation process by including customized workflow management and hosting
the Procure+ and Manage+ solutions for its customers.
ePlus has 145 e-commerce customers which includes 109 implemented customers.
Founded in 1990, the company is headquartered in Herndon, VA and has more than
20 locations in the US. For more information, visit our website at
www.eplus.com, call 800-827-5711 or email to [email protected].
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: The statements contained in this release, which are not historical facts,
may be deemed to contain forward-looking statements. Actual results may vary due
to the following risks and uncertainties, including, without limitation, general
economic conditions; fluctuations in operating results; its ability to
effectively manage future growth, to retain and efficiently integrate our
executive management team, and to identify, hire, train and retain, in a highly
competitive market, individuals highly skilled in the Internet and its rapidly
changing technology; the lack of long-term contracts in certain business units;
its ability to enter into and retain its existing, strategic relationships;
market acceptance; rapid technological change; a decline in Internet usage and
intense competition in its market; its ability to effectively integrate the
operational, managerial and financial aspects of future acquisitions; demand and
competition for the Company's lease financing and equipment sales and asset
management services, and the products to be leased or sold by the Company; the
continued availability to the Company of adequate financing in general and
availability under the line of credit discussed herein; the ability of the
Company to recover its investment in equipment through remarketing; the
successful execution of its e-commerce strategy; the amount of equipment
ordered, purchased and/or leased by the customers in this release; and other
risks or uncertainties detailed in the Company's Securities and Exchange
Commission filings. Investors are cautioned that current financial results may
not be indicative of future results.
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