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Name | Symbol | Market | Type |
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Hsbc Bk. 2032 | LSE:14OG | London | Medium Term Loan |
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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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