14OG Hsbc Bk. 2032

RNS Number:7098I
Applied Graphics Technologies Inc
17 August 2001









Contacts:    Joseph D. Vecchiolla, COO & CFO     Applied Graphics Technologies
             (212) 716-6730





                                                           FOR IMMEDIATE RELEASE

                  APPLIED GRAPHICS TECHNOLOGIES ENTERS INTO

                        AMENDMENT TO CREDIT FACILITY



New York, July 30, 2001 - Applied Graphics Technologies, Inc. (AMEX: AGD), the
country's leading provider of outsourced digital media asset management
services, announced today that it has entered into an amendment to its credit
facility that enables the Company to remain in compliance with its financial
covenant requirements for the second quarter of 2001, modifies the Company's
financial covenant requirements to be significantly less restrictive going
forward, and revises scheduled principal payments and other terms.

"We are very pleased to have come to terms with our bank group," said Joe
Vecchiolla, Chief Operating Officer and Chief Financial Officer of AGT.  "As
we have previously disclosed, the weakness in the economy and the softness in
the advertising market have caused our 2001 results to be significantly lower
than expected.  Completion of negotiations on the amendment should enable us
to now concentrate on our core business.

"As we had anticipated, we were able to reach a favorable agreement with our
bank group, and were able to do so in an expeditious manner," continued Mr.
Vecchiolla.  "As a result, management will now be able to devote its attention
to focusing on the Company's biggest challenge, which is continuing to work
through the adverse macro-economic forces that are pressuring our industry,"
concluded Mr. Vecchiolla.

Among the major terms of the amendment, the Company's financial covenant
requirements have been modified to be significantly less restrictive for each
of the quarterly fiscal periods through December 31, 2002.  The interest rate
on borrowings has been increased by 50 basis points, scheduled principal
payments have been deferred until July 2002, and the maturity of the credit
facility has been accelerated to





January 2003.  The Company incurred fees of approximately $2 million to secure
the amendment.

Applied Graphics Technologies, Inc., provides digital media asset management
services across all forms of media, including print, broadcast, and the
Internet, and is a leading application service provider for the on-line
management of brands.  AGT offers a variety of digital imaging and related
services to major corporations, which include magazine and newspaper
publishers, advertisers and their agencies, entertainment companies,
catalogers, retailers, and consumer goods and packaging companies.  From
locations across the United States, the United Kingdom, and Australia, AGT
supplies a complete range of services that are tailored to provide solutions
for specific customer needs, with a focus on improving and standardizing the
management and delivery of visual communications for clients on a local,
national, and international basis.  Additionally, AGT provides a wide range of
advertising and marketing-related creative services for customers, primarily
in retailing.  These services include assistance in creation of newspaper
advertising campaigns, development of in-store and collateral media, and
photographic services.  AGT also provides content management and the volume
reproduction and distribution of television and radio commercials to broadcast
and cable media for ad agencies and their clients.  Finally, through its Devon
Publishing Group, AGT is a leading publisher of alternative greeting cards,
calendars, fine art and other prints, and wall decor items.

Certain statements in this press release may contain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995.  Such statements are inherently subject to known and unknown risks,
uncertainties, and other factors that may cause actual results, performance,
or achievements of the Company to be materially different from those expected
or anticipated in the forward-looking statements.  Such factors are described
in the Company's SEC filings, including its quarterly report on Form 10-Q and
its annual report on Form 10-K.

Additional information about Applied Graphics Technologies can be obtained by
visiting the AGT website:  http://www.agt.com.



                                     ***

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