Productivity Technologies Corp. Closes New Senior Lending Facilities for Both Operating Subsidiaries FENTON, Mich., Dec. 16 /PRNewswire-FirstCall/ -- Productivity Technologies Corp. (based in Fenton, Michigan) (Pink Sheets: PRAC) announced today it has closed on new senior debt financings for both its Atlas Technologies, Inc. and Westland Control Systems, Inc. operating subsidiaries. The financings for each operating subsidiary were provided by separate lenders. Atlas obtained an $8.0 million commitment of senior debt financing by Merrill Lynch Business Financial Services, a subsidiary of Merrill Lynch. A portion of this commitment was utilized to pay off Atlas' prior senior lender, Bank One NA. Bank One is no longer a lender with respect to Atlas or PTC. Westland was provided a $1.25 million commitment for working capital financing by Minneapolis-based Spectrum Commercial Services, Inc. Bank One remains a subordinated creditor to Westland. As a result of the new senior debt financings, PTC management believes that each business, Atlas on the one hand and Westland on the other, has its own working capital financing, and each is now positioned to pursue its business development activities more independently. In connection with these financings, all remaining financial obligations to the former owner of Westland have been retired. PTC shares currently trade on the pink sheets due to the Company's delay in filing 10K and 10Q reports for the fiscal year ended June 30, 2003 and fiscal quarter ended September 30, 2003, respectively. The Company intends to file these reports as soon as possible. DATASOURCE: Productivity Technologies Corp. CONTACT: Jesse A. Levine, Chief Financial Officer of Productivity Technologies Corp., +1-248-645-9700

Copyright