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Exhibit 99.1
[PRECISION PARTNERS LOGO]
5605 N. MacArthur Blvd
Suite 760
Irving, TX 75038
Phone: (972) 580-1550
Fax: (972) 580-1551
Contact: Frank Reilly
EVP & CFO
(972) 580-1550
[email protected]
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PRECISION PARTNERS, INC. COMPLETES PREVIOUSLY ANNOUNCED REFINANCING
Dallas, TX - December 8, 2000 - Precision Partners, Inc., a leading supplier
of precision machined metal parts, tooling and assemblies, announced that it
had entered into new amendments to its bank credit and its master lease
agreement with General Electric Capital Corporation (GECC), as well as a new
$20.8 million equipment loan from GECC. The Company also received a $6.0
million equity contribution from its primary shareholder.
The Company intends to file its Form 10-Q for the quarter ended September 30,
2000, which had been delayed pending the refinancing activities, within the next
few days.
Precision Partners, Inc. is a leading supplier of precision manufactured metal
parts, tooling and assemblies for original equipment manufacturers ("OEM's").
The Company's broad manufacturing capabilities and highly engineered processes
allow its products to meet the critical
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specifications of customers across a wide range of industries. Precision
Partners has earned "Preferred or "Qualified" supplier status with most of its
customers. The Company is predominately a sole-source supplier of the products
it manufactures for its customers.
THIS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING
STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES AND A NUMBER OF
FACTORS, MANY OF WHICH MAY BE BEYOND PRECISION'S CONTROL, COULD ADVERSELY
AFFECT PRECISION'S ABILITY TO CONSUMMATE THE TRANSACTIONS CONTEMPLATED IN THE
TIMEFRAME OR ON THE TERMS CONTEMPLATED BY THIS PRESS RELEASE. CERTAIN OF THESE
RISKS ARE DESCRIBED IN THE COMPANY'S FORM 10-Q FOR THE SECOND QUARTER OF 2000.
COPIES OF THIS REPORT MAY BE OBTAINED VIA THE WORLD WIDE WEB AT
www.precisionpartnersinc.com.
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