Attached files
file | filename |
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EX-10.4 - NON-ENCUMBRANCE AGREEMENT - LAKELAND INDUSTRIES INC | lake_ex104.htm |
EX-10.3 - PLEDGE AGREEMENT - LAKELAND INDUSTRIES INC | lake_ex103.htm |
EX-10.2 - SECURITY AGREEMENT - LAKELAND INDUSTRIES INC | lake_ex102.htm |
EX-10.1 - LOAN AGREEMENT - LAKELAND INDUSTRIES INC | lake_ex101.htm |
8-K - CURRENT REPORT - LAKELAND INDUSTRIES INC | lake_8k.htm |
Exhibit
99.1
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202 Pride Lane SW
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Decatur, AL 35603
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(256) 350-3873 - www.lakeland.com
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Lakeland Industries Announces New Credit Facility with Bank of
America
DECATUR,
AL – July 1, 2020 -- Lakeland Industries, Inc. (NASDAQ: LAKE)
(the “Company” or “Lakeland”), a leading
global manufacturer of protective clothing for industry, healthcare
and to first responders on the federal, state and local levels,
today announced that it has established a new credit facility with
Bank of America. The new facility consists of a senior secured
$12.5 million revolving credit facility, which includes a $5
million letter of credit sub-facility and an option to convert up
to $5 million of the revolving credit facility into a term loan
facility. The facility also includes an accordion feature under
which the Company may request from time to time an increase in the
revolving commitment of up to $5 million (for a total commitment of
up to $17.5 million). The facility will mature on June 25, 2025.
Terms of the new facility are more completely discussed in the
Company’s Form 8-K filed with the Securities and Exchange
Commission.
Allen
E. Dillard, Chief Financial Officer of Lakeland Industries, stated,
“We look forward to our new banking relationship with Bank of
America. While Lakeland’s financial condition has
substantially improved over the past five years as evidenced by our
net cash position increasing to $23.3 million at April 30, 2020 as
compared with net debt of $4.3 million at April 30, 2015, we have
aligned the size of our new credit facility to reflect our current
capital requirements while incorporating expansion flexibility. At
the same time, we will receive improved pricing, decreased
administration, and will have access to Bank of America’s
global platform for cash management. This facility and its enhanced
features reflect our efforts to optimize all aspects of our
business and financial operations aimed at better supporting our
continued worldwide growth.”
"Bank of America is pleased to work with Lakeland Industries as
they execute on their growth plan,” said Brooks Emory, Senior
Relationship Manager with Global Commercial Banking at Bank of
America. “We remain committed to helping our clients through
all stages of the business cycle and look forward to serving
Lakeland Industries as they continue to grow their company
worldwide."
About Lakeland Industries, Inc.:
We
manufacture and sell a comprehensive line of industrial protective
clothing and accessories for the industrial and public protective
clothing market. Our products are sold globally by our in-house
sales teams, our customer service group, and authorized independent
sales representatives to a network of over 1,600 global safety and
industrial supply distributors. Our authorized distributors supply
end users, such as integrated oil, chemical/petrochemical,
automobile, steel, glass, construction, smelting, cleanroom,
janitorial, pharmaceutical, and high technology electronics
manufacturers, as well as scientific, medical laboratories and the
utilities industry. In addition, we supply federal, state and local
governmental agencies and departments, such as fire and law
enforcement, airport crash rescue units, the Department of Defense,
the Department of Homeland Security and the Centers for Disease
Control. Internationally, we sell to a mixture of end users
directly, and to industrial distributors depending on the
particular country and market. Sales are made to more than 50
countries, the majority of which were into the United States,
China, the European Economic Community ("EEC"), Canada, Chile,
Argentina, Russia, Kazakhstan, Colombia, Mexico, Ecuador, India,
Uruguay and Southeast Asia.
For
more information concerning Lakeland, please visit the Company
online at www.lakeland.com.
Contacts:
Lakeland
Industries, Inc.
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Darrow
Associates
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256-445-4000
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512-551-9296
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Allen
Dillard
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Jordan
Darrow
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aedillard@lakeland.com
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jdarrow@darrowir.com
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“Safe
Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: Forward-looking statements involve risks,
uncertainties and assumptions as described from time to time in
Press Releases and Forms 8-K, registration statements, quarterly
and annual reports and other reports and filings filed with the
Securities and Exchange Commission or made by management. All
statements, other than statements of historical facts, which
address Lakeland’s expectations of sources or uses for
capital or which express the Company’s expectation for the
future with respect to financial performance or operating
strategies can be identified as forward-looking statements. As a
result, there can be no assurance that Lakeland’s future
results will not be materially different from those described
herein as “believed,” “projected,”
“planned,” “intended,”
“anticipated,” “estimated” or
“expected,” or other words which reflect the current
view of the Company with respect to future events. We caution
readers that these forward-looking statements speak only as of the
date hereof. The Company hereby expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
such statements to reflect any change in the Company’s
expectations or any change in events conditions or circumstances on
which such statement is based.
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