Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MOTORCAR PARTS AMERICA INC | v54178e8vk.htm |
| EX-10.1 - EX-10.1 - MOTORCAR PARTS AMERICA INC | v54178exv10w1.htm |
Exhibit 99.1
|
NEWS RELEASE |
CONTACT:
|
Gary S. Maier | |
| Maier & Company, Inc. | ||
| (310) 442-9852 |
MOTORCAR PARTS OF AMERICA ANNOUNCES NEW CREDIT FACILITY
LOS ANGELES, CA — November 2, 2009 — Motorcar Parts of America, Inc. (NasdaqGM: MPAA)
today announced it has entered into a new $45 million credit
facility with Union Bank, N.A. and BB&T, replacing and supplementing a previous $40 million credit facility.
The company said it intends to utilize the credit facility for working capital, general
corporate purposes and possible future acquisitions.
“The new credit facility enhances the company’s balance sheet and provides greater financial
flexibility to execute management’s strategic plans,” said Selwyn Joffe, chairman, president and
chief executive officer. “We look forward to working with Union Bank, N.A. and BB&T under this favorable
new agreement,” Joffe added.
“We are pleased to lead this truly outstanding relationship,” said Robert Tietjen, Union Bank, N.A. Senior Vice President, Senior Relationship Manager.
“BB&T and its Automotive Aftermarket Corporate Banking group are pleased to join Union Bank, N.A. in
expanding the MPA credit facility,” said Roberts Bass, BB&T, Senior Vice President and Corporate
Banking Team Leader.
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters for imported
and domestic passenger vehicles, light trucks and heavy duty applications. Its products are sold
to automotive retail outlets and the professional repair market throughout the United States and
Canada. The company’s facilities are located in California, Tennessee, Mexico, Malaysia and
Singapore. Additional information is available at www.motorcarparts.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain
forward-looking statements. The statements contained in this press release that are not historical
facts are forward-looking statements based on the company’s current expectations and beliefs
concerning future developments and their potential effects on the company, including the completion
of documentation related to the credit facility increase and its ability to successful identify and
complete potential acquisitions. These forward-looking statements involve significant risks and
uncertainties (some of which are beyond the control of the company) and are subject to change based
upon various factors. Reference is also made to the Risk Factors set forth in the company’s Form
10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2009 and in its
Form 10-Qs filed with the SEC thereafter for
additional risks and uncertainties facing the company. The company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as the result of new information,
future events or otherwise.
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