IMPCO Technologies Inc. Retires $20 Million Subordinated Debt
05 Januar 2005 - 3:00PM
PR Newswire (US)
IMPCO Technologies Inc. Retires $20 Million Subordinated Debt
CERRITOS, Calif., Jan. 5 /PRNewswire-FirstCall/ -- IMPCO
Technologies Inc., (NASDAQ:IMCO) announced today the retirement of
their $20 million subordinated debt held by Bison Capital LLC on
December 29, 2004. Mr. Nick Gerde, Chief Financial Officer of
IMPCO, stated that the retirement of the loan, being financed
through a loan from its affiliate, BRC Srl at an approximate 3.7%
annual interest rate (3-month EURIBOR plus 1.5%), will reduce the
Company's cash interest payment by approximately $1.5 million per
year. The BRC loan is for $22.0 million and has a five year
amortizing repayment schedule. See the Company's Form 8-K filed
with the SEC on December 29, 2004 for more details. It has been
previously announced that IMPCO has negotiated a purchase agreement
with BRC to acquire the remaining 50% equity of the company.
Consummation of the purchase agreement is expected in the first
quarter of 2005. IMPCO previously acquired 50% of the equity of BRC
in July 2003. Regarding IMPCO Technologies and BRC: IMPCO and BRC
design, manufacture, market and supply advanced alternative fuel
systems and related products for the transportation, industrial and
power generation markets. Headquartered in Cerritos, California and
Cherasco, Italy, they have offices in Asia, Europe, Australia and
South and North America. More information can be found at IMPCO's
web site, http://www.impco.ws/ and at BRC's web site,
http://www.brc.it/. Except for historical information, the
statements, expectations and assumptions contained in the foregoing
press release are forward-looking statements. Such forward-looking
statements include, but are not limited to, the company's
expectations regarding revenues in future periods. Such statements
are subject to a number of risks and uncertainties, and actual
results could differ materially from those discussed in any
forward-looking statement. Readers should consider the factors
discussed in the section entitled "Management's Discussion &
Analysis of Financial Conditions on Results of Operations - Risk
Factors" in our Quarterly Report on Form 10-Q for the period ended
September 30, 2004, as well as the discussions of risks and
uncertainties contained from time to time in our reports to the
Securities and Exchange Commission. For further information contact
Mr. Dale Rasmussen, Investor Relations: E-mail: Phone:
+1-206-315-8242 Fax: +1-206-315-8301 DATASOURCE: IMPCO CONTACT:
Investor Relations, Mr. Dale Rasmussen of IMPCO, +1-206-315-8242,
or Fax, +1-206-315-8301, Web site: http://www.brc.it/ Web site:
http://www.impco.ws/
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