SOURCE: Jaclyn, Inc.

October 05, 2010 11:57 ET

Jaclyn, Inc. Announces Amendment of Credit Facility

MAYWOOD, NJ--(Marketwire - October 5, 2010) -  Jaclyn, Inc. (OTCQX: JCLY) announced that on October 1, 2010 it entered into an amendment of its credit facility with TD Bank, N.A. The credit facility has been amended to increase the maximum aggregate principal amount of loans that may be borrowed under the credit facility and the face amount of letters of credit that may be issued under the credit facility by $10,000,000, to $60,000,000, subject to a borrowing formula set forth in the credit facility. In addition, the total maximum principal amount of loans that Jaclyn may borrow under the credit facility has been increased to $40,000,000 for the period from September 15 to December 15 during each year, and remains at $30,000,000 at all other times, in each case subject to the borrowing formula. Jaclyn will pay, on a quarterly basis, an unused line fee of one-quarter of one percent on the difference between $30,000,000 and the average daily outstanding principal balance of loans under the credit facility. 

Forward Looking Statements

Note: This press release contains information concerning, among other things, our future plans and objectives that are or may be deemed to be forward-looking statements. However, forward-looking statements are subject to a number of known and unknown risks and uncertainties that may cause our actual results, trends, performance or achievements, or industry trends and results, to differ materially from the future results, trends, performance or achievements expressed or implied by such forward-looking statements. Those risks and uncertainties may include, but are not limited to, general economic and business conditions (including the ongoing financial downturn and disruptions in credit markets); competition; potential changes in customer spending; acceptance of our product offerings and designs; the variability of consumer spending resulting from changes in domestic economic activity; a highly promotional retail environment; any significant variations between actual amounts and the amounts estimated for those matters identified as our critical accounting estimates as well as other significant accounting estimates made in the preparation of our financial statements; and the impact of current and potential hostilities in the Middle East and in other geographic areas; as well as other geopolitical concerns. You are urged to consider all such factors. In light of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved. We assume no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

Jaclyn, Inc. is a designer, manufacturer and marketer of apparel, women's sleepwear, infants' and children's apparel, handbags, premiums and related accessories. Our web site is at www.jaclyninc.com.

Contact Information

  • Company Contact:
    Anthony Christon
    Chief Financial Officer
    Jaclyn, Inc.
    (201) 909-6000