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Baldwin and Banks Agree to Amend Credit Agreement

Thursday, October 17, 2002

Press release from the issuing company

SHELTON, Conn.--Oct. 16, 2002--Baldwin Technology Company, Inc. announced today that it has reached agreement with its existing lenders, Fleet National Bank and First Union Securities to amend its credit agreement. The parties signed a commitment letter and will execute a formal agreement by the end of October. Vijay C. Tharani, Chief Financial Officer of the Company, stated: "We are pleased to have been able to successfully conclude these negotiations and extend our credit facilities with Fleet and First Union." John T. Heald, President and Chief Executive Officer, added: "This new bank arrangement, combined with our recently-announced divestiture of the inserter business, clearly indicates that, despite challenges in the industry and the marketplace, we are now on track in restructuring our business." The Company also announced that it is filing its Form 10-K Report today with the Securities and Exchange Commission. It will be available via the SEC's EDGAR system. Baldwin Technology Company, Inc. is the leading international manufacturer of controls and accessories for the printing industry.

 

 

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