|[March 26, 2014]
API Technologies Announces Preferred Stock Redemption and Consolidation of Credit Facilities
ORLANDO, Fla. --(Business Wire)--
API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading
provider of high performance RF/microwave, power, and security solutions
for critical and high-reliability applications, today announced the
redemption of all of its Series A Preferred Stock for $27.6 million.
Additionally, the Company amended its credit agreement with Guggenheim
Corporate Funding, LLC, as administrative agent, to provide for an
additional $55.0 million term loan. The proceeds of the incremental term
loan were primarily used to redeem the Series A Preferred Stock and to
pay off the Company's asset backed revolving loan facility.
Bel Lazar, President and Chief Executive Officer of API Technologies
said: "This transaction results in an immediate reduction in API's net
liabilities and simplifies our capital structure without incurring any
dilution to our equity holders."
About API Technologies Corp.
API Technologies (NASDAQ: ATNY) is an innovative designer and
manufacturer of high performance systems, subsystems, modules, and
components for technically demanding RF, microwave, millimeter wave,
electromagnetic, power, and security applications. A high-reliability
technology pioneer with over 70 years of heritae, API Technologies
products are used by global defense, industrial, and commercial
customers in the areas of commercial aerospace, wireless communications,
medical, oil and gas, electronic warfare, unmanned systems, C4ISR,
missile defense, harsh environments, satellites, and space. Learn more
about API Technologies and our products at www.apitech.com.
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented
herein constitutes forward-looking statements. All forward-looking
statements are subject to certain risks, uncertainties and assumptions
which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
These risks and uncertainties include but are not limited to, general
economic and business conditions, government regulations, our ability to
integrate and consolidate our operations, our ability to expand our
operations in both new and existing markets, the ability of our review
of strategic alternatives to maximize stockholder value and the effect
of growth on our infrastructure. Should one or more of these risks or
uncertainties materialize, or should the assumptions prove incorrect,
actual results may vary in material aspects from those currently
anticipated. The forward-looking statements in this news release should
be read in conjunction with the more detailed descriptions of the above
factors located in our Annual Report on Form 10-K under Part I, Item 1A
"Risk Factors" as well as those additional factors we may describe from
time to time in other filings with the Securities and Exchange
Commission. All information in this release is as of the date hereof. We
undertake no duty to update any forward-looking statement to conform the
statement to actual results or changes in the Company's expectations.
Except as required by law, the Company assumes no obligation to update
or revise any forward-looking statements in this press release, whether
as a result of new information, future events, or otherwise.
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