Lakeland Industries, Inc. Announces Completion of Line of Credit with HSBC UK
RONKONKOMA, N.Y., Feb. 25, 2013
RONKONKOMA, N.Y., Feb. 25, 2013 /PRNewswire/ --Lakeland Industries, Inc. (the
"Company") (NASDAQ: LAKE), a leading global manufacturer of industrial
protective clothing for industry, municipalities, healthcare and to first
responders on the federal, state and local levels, today announced that its UK
subsidiary has closed with HSBC Invoice Finance (UK), Ltd ("HIF"), a
£1,000,000 (approximately USD $1,500,000) Accounts Receivable Financing. The
use of proceeds is for working capital. The terms allow for borrowing of up to
80% of eligible accounts receivable as defined.
The interest ratecharged will be3.46% over HSBC Bank plc base rate which
generally will be 30 day LIBOR.
About Lakeland Industries, Inc.:
Lakeland Industries, Inc. (NASDAQ: LAKE) manufactures and sells a
comprehensive line of safety garments and accessories for the industrial
protective clothing market. The Company's products are sold by a direct sales
force and through independent sales representatives to a network of over 1,200
safety and mill supply distributors. These distributors in turn supply end
user industrial customers such as chemical/petrochemical, automobile, steel,
glass, construction, smelting, janitorial, pharmaceutical and high technology
electronics manufacturers, as well as hospitals and laboratories. In addition,
Lakeland supplies federal, state, and local government agencies, fire and
police departments, airport crash rescue units, the Department of Defense, the
Centers for Disease Control and Prevention, and many other federal and state
agencies. For more information concerning Lakeland, please visit the Company
online at www.lakeland.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Forward-looking statements involve risks, uncertainties and assumptions
as described from time to time in Press Releases and 8-K(s), registration
statements, annual reports and other periodic reports and filings filed with
the Securities and Exchange Commission or made by management. All statements,
other than statements of historical facts, which address Lakeland's
expectations of sources or uses for capital or which express the Company's
expectation for the future with respect to financial performance or operating
strategies can be identified as forward-looking statements. As a result,
there can be no assurance that Lakeland's future results will not be
materially different from those described herein as "believed," "projected,"
"planned," "intended," "anticipated," "estimated" or "expected," which words
reflect the current view of the Company with respect to future events. We
caution readers that these forward-looking statements speak only as of the
date hereof. The Company hereby expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any such
statements to reflect any change in the Company's expectations or any change
in events conditions or circumstances on which such statement is based.
SOURCE Lakeland Industries, Inc.
Contact: Lakeland Industries, +1-631-981-9700, Christopher Ryan,
CJRyan@lakeland.com, or Gary Pokrassa, GAPokrassa@lakeland.com
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