WASHINGTON, N.C., March 1, 2011 (GLOBE NEWSWIRE) -- Flanders Corporation (OTCQX:FLDR), a leading air filtration products manufacturer, today announced it has entered into a new revolving credit agreement with PNC Bank, National Association (the "Credit Agreement"). The $45 million secured, asset-based credit facility matures in February, 2014 and refinances the company's existing $36 million revolving credit agreement which would have matured in October, 2011. The Company intends to use amounts borrowed under the Credit Agreement for ongoing working capital needs and general corporate purposes. Borrowings under the facility are secured by substantially all of the assets of the Company. The Credit Agreement contains certain financial covenants, calculated on a consolidated basis for the Company and its subsidiaries, which, among other things, impose a minimum fixed charge coverage ratio.
Harry Smith, Chief Executive Officer and Chairman of the Board, commented, "We are very pleased to have entered into this credit agreement with PNC. This new larger facility not only provides for lower financing costs for the Company but provides additional flexibility enhancing our ability to execute our strategic plans."
Flanders is a leading air filtration products manufacturer. Flanders' products are utilized by many industries, including those associated with commercial and residential heating, ventilation and air conditioning systems, semiconductor manufacturing, ultra-pure materials, biotechnology, pharmaceuticals, synthetics, nuclear power and nuclear materials processing.
The Flanders Corporation logo is available at
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements made in this press release other than statements of historical fact, are forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, among other things: statements and assumptions relating to future growth, execution of strategic plans as well as management's short-term and long-term performance goals; statements regarding anticipated order patterns from our customers or the anticipated economic conditions of the industries and markets that we serve; statements related to the performance of the U.S. and other economies generally; statements relating to the anticipated effects on results of operations or financial condition from recent and expected developments or events; statements relating to the Flanders' business and growth strategies; statements regarding the future effects on our operations and securities due to the new board members and any other statements or assumptions that are not historical facts. Flanders believes that its expectations are based on reasonable assumptions. However, these forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause Flanders' actual results, performance or achievements, or industry results, to differ materially from the Flanders' expectations of future results, performance or achievements expressed or implied by these forward-looking statements. In addition, the Flanders' past results of operations do not necessarily indicate its future results. These and other uncertainties are discussed in the "Risk Factors'' section of the Company's 2009 Form 10-K. The future results of Flanders may fluctuate as a result of these and other risk factors detailed from time to time in the company's filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release. Except as otherwise required by applicable laws, Flanders undertakes no obligation to publicly update or revise any forward-looking statements or the risk factors described in this press release, including projected sales and profit levels for any business segment in any given quarter, whether as a result of new information, future events, changed circumstances or any other reason after the date of this press release.
For further information on Flanders and its products, visit its web site at or contact John Oakley at 252-946-8081.
CONTACT: John Oakley, President and CFO Flanders Corporation (252) 946-8081