Business & Finance
Business and Finance
Business and Finance
Wed, December 31, 2008
Tue, December 30, 2008 Mile Marker International, Inc. Announces Refinancing
POMPANO BEACH, Fla.--([ BUSINESS WIRE ])--Mile Marker International, Inc. ("the Company") (Pink Sheets:MMRK), a specialty vehicle parts manufacturer and distributor, today reported that it had completed the refinancing of several notes that matured on December 1, 2008.
The Company announced today the completion of successful negotiations to refinance its $2,125,000 principal amount 11% Senior Unsecured Subordinated Convertible Notes which matured on December 1, 2008. All twelve note holders have agreed to refinance and extend this debt to June 1, 2009 at an interest rate of 15%. One note holder also increased his note amount by providing additional funds to the Company. The total principal amount of the notes currently outstanding is $2,243,823.
The Company's President and Chief Executive Officer, Robert Fernandez stated: "Our Company's investment advisor, Philadelphia Brokerage Corporation, facilitated this refinancing based on the Company's significant plans to restructure the Company's operations for profitability in 2009. We are pleased to have been able to accomplish this restructuring in today's difficult financial environment where market high risk yields are even higher."
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's financial performance.Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements.In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, ability to attract and retain key personnel and general economic conditions, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important risk factors that should be considered is contained in the Company's previous filings with the U.S. Securities and Exchange Commission.Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.The Company does not intend to update any of the forward–looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
