FRISBY TECHNOLOGIES INC. the developer of patented COMFORTEMP(R) materials, the world's leading brand of dynamic climate control materials, today announced that it has obtained separate three year revolving credit facilities totaling $1.25 million from two lenders. The two lenders received a security interest in the company's assets plus five-year warrants to purchase shares of Frisby Technologies' common stock. (Photo: http://www.newscom.com/cgi-bin/prnh/20010118/CHTH006LOGO ) DAMAD Holding AG and Bluwat AG, both of Switzerland, provided the financing. DAMAD is the parent company of Southern Spear Inc., an existing stockholder of Frisby Technologies. In connection with the DAMAD facility, Daniel Guggenheim, a finance executive from a European industrialist family and vice chairman of DAMAD, has been appointed to Frisby's board of directors. Guggenheim's appointment brings the company's number of directors to eight. A portion of the credit facilities will be used by the company to repay a short-term, unsecured debt incurred during the fourth quarter of 2001. The balance of the credit facilities will be available as working capital. The credit facilities have a maturity date of Jan. 10, 2005. The warrant has not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Frisby Technologies Inc. is a global leader in the development of dynamic thermal management solutions for the apparel, footwear, sporting goods, packaging, home furnishings, healthcare and electronic industries. COMFORTEMP insulating and cooling foams, fabrics, nonwovens, leathers and gels can be found in more than 1,000 products from over 120 of the world's leading brands such as Timberland, Polo RLX, FootJoy, 180's, Schoeller Textil, Orvis, Sealy, Spyder, Sure Foot Corporation, Wolverine, Puma, LaCrosse and Rocky. For more information, contact Frisby Technologies Inc. at 877-444-COMFORT, visit www.comfortemp.com
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