FOR IMMEDIATE RELEASE
CONTACTS: James Groberg
Senior Vice President
(212) 704-2480
[email protected]
VOLT INFORMATION SCIENCES, INC. ANNOUNCES
EXPANDED BANK CREDIT AGREEMENT
NEW YORK, NY August 21, 2000- Volt Information Sciences, Inc. (NYSE: VOL) today
announced the closing of a syndicated $72,500,000, one-year, unsecured,
revolving credit facility. Chase Manhattan Bank, as Administrative Agent, and
Fleet Bank, as Co-Agent arranged the credit facility. In addition to Chase and
Fleet, the syndicate includes Bank of America, Wells Fargo Bank, Mellon Bank,
and Lloyds TSB Bank. The new line replaces a $25 million, one-year facility. As
part of the agreement, an existing, three-year facility, which terminates in
January 2002, was reduced to $72.5 million from $75 million. The new facility
increases the Company's existing $100 million revolving lines of credit to $145
million, and provides additional working capital for the Company.
James Groberg, Chief Financial Officer of Volt, stated " We are extremely
pleased that our strong financial position allows us to have these prestigious
financial institutions participate in the syndicate. The increased availability
of funds will enable us to continue to finance the growth of our company,
particularly in our Telecommunications Services segment."
Volt Information Sciences, Inc. (NYSE: VOL) is a leading provider of Staffing
Services and Telecommunications and Information Solutions, for its Fortune 100
customer base. Operating through a worldwide network of over 300 branch offices,
Staffing Services fulfills the IT and other temporary and permanent placement
requirements of its customers. The businesses of the Telecommunications and
Information Solutions divisions include telecommunications engineering,
construction, installation and central office services, telecommunications
information systems and services, primarily advanced operator services, and
telephone directory publishing and pre-press production. For additional
information, please visit the Volt Information Sciences, Inc., web site at
www.volt.com. CONTACT: James J. Groberg or Ron Kochman of Volt Information
Sciences, Inc., 212-704-2400 or [email protected].
This press release contains forward-looking statements which, in addition to
assuming a continuation of the degree and timing of customer utilization and
rate of renewals of contracts with the Company at historical levels, are subject
to a number of known and unknown risks that, in addition to general economic,
competitive and other business conditions, could cause actual results,
performance and achievements to differ materially from those described or
implied in the forward-looking statements. Additional information concerning the
factors that could cause actual results to differ materially from those in the
forward-looking statements is contained in Company reports filed with the
Securities and Exchange Commission.
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