EXHIBIT 99.1
Hi-Rise Recycling Systems
Announces Increase of Credit Facilities With GE Capital;
Financing Increased for Working Capital
MIAMI--(BUSINESS WIRE)--July 11, 2000--Hi-Rise Recycling Systems, Inc.
(Nasdaq:HIRI) announced today that the company has increased its credit facility
with GE Capital to $63 million. The increase will be used for working capital
requirements.
This arrangement calls for Hi-Rise to receive an increase in its existing senior
working credit lines. In addition to the increase, the loan agreement was
modified by revising some of the bank covenants and interest rates.
Don Engel, Chief Executive Officer, stated "This increase in our credit lines
further demonstrates the support we have from GE Capital and the other financial
institutions within our credit facility. We look forward to continuing this
successful partnership with our bankers in securing our financial growth."
Hi-Rise Recycling Systems, Inc. is a recycling and waste equipment manufacturer
which markets, designs, sells, installs and services recycling and waste systems
for the waste hauler, municipal, industrial and residential markets. For more
information visit the companies web-site at www.hiri.com or e-mail to
[email protected].
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks and uncertainties or other factors
which may cause actual results, performance or achievements of the company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Factors that might
cause such a difference include, without limitation, decline in demand for the
company's products, and the effect of general economic conditions generally and
factors affecting the waste handling and construction industries.
CONTACT:
Hi-Rise Recycling Systems, Inc.
Blanca Acosta, Investor Relations, 305/597-0243 ext. 204
www.hiri.com or [email protected]
or
Financial Relations: Lippert/Heilshorn & Associates, Inc.
Lisa D. Lettieri, Vice President, 212/838-3777
www.lhai.com or [email protected]
