Full Press Release Details
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Industries Closes $23.5 Million Bank Revolver with TD Bank, N.A.
NY - January 15, 2010 - Lakeland Industries, Inc. (NASDAQ: LAKE), today
announced that it has closed on a $23.5 Million Secured Revolving Line of Credit
for a term of one year with TD Bank, N.A. The new Revolving Line of Credit
provides Lakeland favorable annual fees and interest rate, and greater
flexibility than the previous Line of Credit. In addition, subject to certain
constraints, the new Revolving Line of Credit allows for advances for "permitted
acquisitions" of up to $8 million in the aggregate without bank approval if
Lakeland remains in compliance with all provisions. In connection with the
new Line of Credit, Lakeland will move its primary banking arrangements to TD
Bank. The amount of the loan balance being transferred is approximately $12.4
Line of Credit gives us greater resources and greater flexibility which aligns
closely with our growth strategies", said Christopher J. Ryan, CEO of
Lakeland. "TD's extensive experience as a lender and their banking systems
will be great assets for our business", Mr. Ryan added.
Bank, we are committed to working closely with our clients to understand their
business so that we can develop customized financial solutions that meet their
needs," said Christopher Giamo, Regional President, Suburban New York, Long
Island and Connecticut, TD Bank. "We are excited to partner with Lakeland
Industries, and to help this company achieve their strategic growth objectives
today and for years to come."
Lakeland Industries, Inc.:
Industries, Inc. (NASDAQ: LAKE) manufactures and sells a comprehensive line of
safety garments and accessories for the industrial protective clothing
market. The Company's products are sold by a direct sales force and
through independent sales representatives to a network of over 1,000 safety and
mill supply distributors. These distributors in turn supply end user
industrial customers such as chemical/petrochemical, automobile, steel, glass,
construction, smelting, janitorial, pharmaceutical and high technology
electronics manufacturers, as well as hospitals and laboratories. In
addition, Lakeland supplies federal, state, and local government agencies, fire
and police departments, airport crash rescue units, the Department of Defense,
the Centers for Disease Control and Prevention, and may other federal and state
TD Bank, America's Most Convenient Bank
America's Most Convenient Bank, is one of the 15 largest commercial banks in the
United States with $142 billion in assets, and provides customers with a full
range of financial products and services at more than 1,000 convenient locations
from Maine to Florida. TD Bank, N.A., is headquartered in Cherry Hill, N.J., and
Portland, Maine. TD Bank is a trade name of TD Bank, N.A. For more information,
visit www.tdbank.com.
America's Most Convenient Bank, is a member of TD Bank Financial Group of
Toronto, Canada, a top 10 financial services company in North America and one of
the few banks in the world rated Aaa by Moody's.
press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including statements, without limitation, regarding our
expectations, beliefs, intentions or strategies regarding the future. We intend
that such forward-looking statements be subject to the safe-harbor provided by
the Private Securities Litigation Reform Act of 1995. All statements
that are not historical are forward-looking. Forward-looking
statements may relate to, but are not limited to, the effect of agreements
described above but also on our international and total revenues and the size
and growth of the Brazilian and International markets for protective
apparel. Such forward-looking statements are based upon current
information and expectations. These estimates and statements speak only as of
the date on which they are made, are not guarantees of future performance and
involve certain risks, uncertainties and assumptions that are difficult to
information concerning Lakeland, please visit the Company online at www.lakeland.com.