Polyair Inter Pack Inc.

Polyair Inter Pack Inc.

August 01, 2008 09:40 ET

Polyair Inter Pack Inc. Announces Bank Amendment

TORONTO, ONTARIO--(Marketwire - Aug. 1, 2008) - Polyair Inter Pack Inc. (TSX:PPK) announced that its has reached agreement with its primary lender on the extension, from July 31, 2008 to September 30, 2008, on both the maturity of a $1.8 million portion of its term loan facility and the deadline for satisfaction of the requirement that the Company raise an additional $5 million of capital. The Company also announced that it has reached agreement with its other term lender to defer payments of loan principal for six months commencing July 1, 2008.

As previously announced, the Company is working with its financial advisor, Genuity Capital Markets, to raise additional capital. The aforementioned loan amendments will provide the Company with additional time to complete its financing discussions with potential investors including the Company's majority shareholder.

Polyair Inter Pack Inc. (www.polyair.com) manufactures and distributes a wide range of protective packaging products and swimming pool covers in North America. The Company operates eight manufacturing facilities, seven of which are in the USA where it generates the majority of its sales. All figures reported above are in US dollars, unless otherwise noted.

Certain information included in this news release contains statements that are forward-looking, such as statements relating to anticipated future revenues and profitability of the Company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Polyair Inter Pack Inc. In addition, Polyair Inter Pack Inc. expressly disclaims any obligation to publicly update or alter its previously issued forward-looking statements.

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