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RTC Accelerated Return Bear Market Notes Linked TO The Russell 3000 Index

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Share Name Share Symbol Market Type
Accelerated Return Bear Market Notes Linked TO The Russell 3000 Index AMEX:RTC AMEX Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

Riviera Tool Company Receives New Financing Commitment

27/05/2004 2:09pm

PR Newswire (US)


Riviera Tool (AMEX:RTC)
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Riviera Tool Company Receives New Financing Commitment GRAND RAPIDS, Mich., May 27 /PRNewswire-FirstCall/ -- Riviera Tool Company (AMEX:RTC) today announced that it has received a commitment from its primary lender to increase its existing credit facility. The Company received a commitment to increase its Revolving Line of Credit from $10.0 million to $12.5 million, including an increase in work-in-process advance rates and capacity and an additional $500,000 Equipment Line of Credit. Upon close, the facility will mature December 1, 2006. The Company anticipates utilizing the Equipment Line of Credit for its continued investment efforts in the latest technology as a part of its growth and cost improvement initiatives. New equipment includes laser cutting machines and high-speed component machining centers. "We are extremely pleased to be able to secure this credit facility, and appreciate the confidence in our business demonstrated by our primary lender, Comerica Bank," said Kenneth K. Rieth, president and chief executive officer of Riviera Tool. "This facility will provide us the financial flexibility necessary to handle anticipated new large domestic and international orders including project management, while also reducing our capital costs approximately $200,000 per year." The Company anticipates closing the financing within the next 30 days. About Riviera Tool Company Riviera Tool Co. (http://www.rivieratool.com/ ) designs, develops and manufacturers large-scale, custom metal stamping die systems used in the high- speed production of sheet metal parts and assemblies for the global automotive industry. A majority of Riviera's sales are to DaimlerChrysler, BMW, General Motors, Ford Motor Co. and their Tier One suppliers. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this news release include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially, including but not limited to economic, competitive, governmental and technological. DATASOURCE: Riviera Tool Company CONTACT: Kenneth K. Rieth, CEO or Peter Canepa, CFO, of Riviera Tool Co., +1-616-698-2100; or Jeff Lambert or Ryan McGrath of Lambert, Edwards & Associates, +1-616-233-0500, for Riviera Tool Company Web site: http://www.rivieratool.com/

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