BEI Technologies, Inc. Increases Financing Capacity
17 Dezembro 2004 - 9:30AM
PR Newswire (US)
BEI Technologies, Inc. Increases Financing Capacity SAN FRANCISCO,
Dec. 17 /PRNewswire-FirstCall/ -- BEI Technologies, Inc.
(NASDAQ:BEIQ) is pleased to announce that it increased its current
line of credit and executed a new note in support of the Newall
Measurement Systems acquisition. To fund the recent acquisition of
Newall Measurement Systems, BEI has executed a four year, $12
million note with an interest rate of 4.9%. In conjunction with
this financing, Union Bank of California has agreed to increase the
current line of credit from $25 million to $35 million to support
increased potential operating cash requirements. The term of the
line of credit has been extended to January 2007. BEI Technologies,
Inc. (the "Company" or "Technologies") is an established
manufacturer of electronic sensors, motors, actuators, rotary
optical encoders, linear encoders with associated digital readouts
(DROs), and motion control products used for factory and office
automation, medical equipment, military, aviation and space
systems. In addition, sales to manufacturers of transportation
equipment, including automobiles, trucks and off-road equipment,
have become a significant addition to the Company's business in
recent years. The Company's micromachined quartz rate sensors are
being used in advanced vehicle stability control systems and a
significant increase in the production of those sensors had been in
progress from the middle of 1998 to FY 2004 except for a decrease
in production in fiscal 2002 due to increased competition. The
Company is currently transitioning to its next generation of
automotive inertial quartz based sensor products, remotely mounted
multi-sensor clusters with CAN Bus and a multi rate sensor package
suitable for incorporation into electronic systems modules. The
Company also manufactures electronic steering wheel position
sensors, seat-memory modules, throttle position sensors, inertial
navigation systems, and other devices used in transportation
systems. Except for historical information, this news release may
be deemed to contain forward-looking statements that involve risks
and uncertainties, including statements with respect to future
timely development, acceptance and pricing of new products;
potential impact of competitive products and their price; the
ability to manufacture products in sufficient volume on an
efficient and timely basis; general economic conditions as they
affect the Company's customers and strategic partners, as well as
other risks detailed from time to time in the Company's reports to
the Securities and Exchange Commission, including the Company's
Form 10-K for fiscal 2003. DATASOURCE: BEI Technologies, Inc.
CONTACT: John LaBoskey, Senior Vice President/CFO of BEI
Technologies, Inc., +1-415-956-4477, or http://www.bei-tech.com/
Web site: http://www.bei-tech.com/
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