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Banks Agree to Extend Gerber Scientific's Credit Facility

From: ASAP


Gerber Scientific, Inc. announced that it reached an agreement with its bank group to amend the company's covenants and extend its credit facility through August 15, 2003.

"We are pleased with the positive outcome of our negotiations with the company's bank group," said Marc T. Giles, president and chief executive officer. "We believe the company's existing cash balances, anticipated cash flows and borrowings against this credit facility will be sufficient to meet its operating requirements."

Gerber also announced today that it had filed Form 12b-25 with the Securities and Exchange Commission to obtain a 15-day extension through August 13, 2002 to file its Annual Report on Form 10-K for the company's fiscal year ended April 30, 2002.

The company said that the extension will provide Gerber Scientific with additional time to file its Annual Report on Form 10-K and to complete its previously announced independent review of its financial statements from January 1, 1998 through April 30, 2002.

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