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[April 2008]
Ceramic Protection Corporation Announces Amended Credit Agreement with CIBC
Ceramic Protection Corporation (Sunrise, FL, USA), a leading manufacturer and distributor of advanced ballistic protective products, has reported that effective 11 April 2008 it successfully amended its credit agreement with Canadian Imperial Bank of Commerce. This amending agreement extends the maturation of CPC’s credit facilities until 30 June 2008 and waives loan covenant requirements as at 31 March 2008.
Additionally, the amending agreement requires a $2 million term loan principal payment on 1 May 2008 with the remaining $0.9 million term loan and operating line of credit principal due on 30 June 2008. CPC continues to negotiate with potential new lenders and expects to refinance its fully collateralised operating line of credit prior to the 30 June maturation date.
CPC, together with its subsidiaries, is engaged in the design, manufacture and marketing of advanced products used to provide ballistic protection for personnel and vehicles in the military and law enforcement markets. The product portfolio includes lightweight ceramic armour for vehicles and military personnel, composite based products and concealable soft body armour products for law enforcement and the Modular Tactical Vest (MTV) ballistic system for military personnel.
In many high performance applications, such as handling ballistic threats, products made of advanced technical ceramics meet specifications that similar products made of metals, plastics or traditional ceramics cannot achieve. Advanced technical ceramics withstand extremely high velocity ballistics, combine hardness with light weight, are highly resistant to corrosion and wear, and have low friction characteristics.
www.cerpro.com
ENDS