Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MOTORCAR PARTS AMERICA INC | v59164e8vk.htm |
| EX-10.1 - EX-10.1 - MOTORCAR PARTS AMERICA INC | v59164exv10w1.htm |
| EX-10.2 - EX-10.2 - MOTORCAR PARTS AMERICA INC | v59164exv10w2.htm |
| EX-10.3 - EX-10.3 - MOTORCAR PARTS AMERICA INC | v59164exv10w3.htm |
Exhibit 99.1
|
NEWS RELEASE |
CONTACT:
|
Gary S. Maier | |
| Maier & Company, Inc. | ||
| (310) 442-9852 |
MOTORCAR PARTS OF AMERICA INCREASES CREDIT FACILITY
LOS ANGELES, CA — April 7, 2011 — Motorcar Parts of America, Inc.
(Nasdaq: MPAA) today announced an increase of $15.0 million to its existing $35.0 million
revolving credit facility with Union Bank, N.A. and Branch Banking & Trust Company.
At its March 31, 2011 fiscal year end, the company had no debt outstanding on its revolving
credit facility and $7.5 million outstanding on its term loan.
“The increased credit facility further enhances the company’s liquidity position and will
provide greater financial flexibility for the completion of our anticipated acquisition of Fenwick
Automotive,” said Selwyn Joffe, chairman, president and chief executive officer.
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. 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 2010 and in its Forms 10-Q 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.
# # #
Tribecca Plaza • 12233 West Olympic Boulevard Suite 258 • Los Angeles, California 90064
| telephone 310.442.0852 | ||
| facsmile 310.442.9855 |