Attached files
| file | filename |
|---|---|
| EX-10.1 - AGREEMENT - IMPERIAL INDUSTRIES INC | ipii_ex101.htm |
| 8-K - CURRENT REPORT - IMPERIAL INDUSTRIES INC | ipii_8k.htm |
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EXHIBIT 99.1 | |
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1259
NW 21st
Street
Pompano
Beach, FL 33069
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NEWS
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February 1,
2010
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FOR
MORE INFORMATION:
954-917-4114
HOWARD
L. EHLER, JR.
CHIEF
OPERATING OFFICER
|
|
IMPERIAL
INDUSTRIES, INC. REPORTS
FIFTH
AMENDMENT TO FORBEARANCE AGREEMENT
AND
CREDIT FACILITY WITH ITS COMMERCIAL LENDER
Pompano
Beach, FL………Imperial Industries, Inc. (OTC: “IPII.OB”) announced today that the
Company and the assignee for the benefit of creditors of its subsidiary,
Just-Rite Supply, Inc., entered into a Fifth Amendment to its Forbearance
Agreement with its commercial lender to extend the terms of the credit facility
from January 29, 2010 to April 30, 2010. The Fifth Amendment provides for the
lender’s continued funding under the credit facility, notwithstanding the
Company’s and assignee’s past non-compliance of certain terms set forth in the
Forbearance Agreement as previously amended, subject to an existing maximum
credit of $100,000. The Fifth Amendment also provided for the maintenance of
payment terms of $10,000 per week for certain Just-Rite lease obligations in
default in the remaining principal amount of approximately $77,000. The Company
is a guarantor of such lease obligations.
There can
be no assurance that the Company will receive additional extensions of its
amended credit facility upon termination of the Forbearance Agreement, or obtain
continued forbearance and funding from the Lender on terms acceptable to the
Company, or that such financing will be available at all at the end of the
Forbearance period.
For
further information and a more complete description of the terms of the
Assignment for the Benefit of Creditors and Forbearance Agreement, as amended
please refer to the Company’s Current Report on Form 8-K filed with the
Securities Exchange Commission on February 1, 2010.
Imperial
Industries, Inc., a building products company, sells products throughout the
Southeastern United States with facilities in the State of Florida. The Company
is engaged in the manufacturing and distribution of stucco, plaster and roofing
products to building materials dealers, contractors and others through its
subsidiary, Premix-Marbletite Manufacturing Co. See our website at www.imperialindustries.com
for more information about the Company.
The
statements in this press release contain certain forward-looking statements,
which are subject to risks and uncertainties. Such statements, including those
regarding, among other things, the
success
of the Company’s sales and marketing efforts, improvements in productivity, the
Company’s strategy and future prospects, are dependent on a number of factors,
including changes in economic, business, and competitive market conditions, and
availability of financing, only some of which are within the Company’s control.
Actual results could differ materially from those currently anticipated due to a
number of factors, including those set forth in the Company’s Securities and
Exchange Commission filings under “Risk Factors.” The Company assumes
no obligation to update forward-looking information to reflect actual results,
changes in assumptions or changes in other factors affecting forward-looking
information. A more detailed discussion of risks attendant to the
forward-looking statements included in this press release are set forth in the
“Forward-Looking Statements” section of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2008, filed with the Securities and Exchange
Commission (“SEC”), and in other reports already filed with the
SEC.