Chromcraft Revington, Inc. Announces Refinancing of Credit Facility and Provides Update on Filing of Form 10-K

  Chromcraft Revington, Inc. Announces Refinancing of Credit Facility and
  Provides Update on Filing of Form 10-K

Business Wire

WEST LAFAYETTE, Ind. -- June 3, 2013

Chromcraft Revington, Inc. (OTC Pink Marketplace: CRCV) announced today that
it refinanced its credit facility on May 31, 2013 and entered into a new three
year secured revolving credit facility with FCC, LLC (“First Capital”) of up
to $9 million based upon eligible accounts receivable and inventory of the
Company. The new facility with First Capital replaces the Company’s prior $5
million credit facility with Gibraltar Business Capital, LLC. The Company
believes the new facility provides several important benefits as compared to
the prior credit facility, including: increased availability and borrowing
capacity due in part to the inclusion of inventory in the borrowing base; an
extended term of three years; more favorable  net income (loss) financial
covenants; and the ability to obtain a mortgage or synthetic lease on the
Company’s Senatobia, Mississippi plant subject to certain limitations. The
Company also believes the new facility provides the Company with the borrowing
capacity to meet the Company’s anticipated cash operating needs for at least
the next twelve months and, in addition, provides greater flexibility than the
prior credit facility.

Ronald H. Butler, the Company’s Chairman and Chief Executive Officer,
commented, “The increased borrowing capacity provided under our new credit
facility with First Capital, along with the recent acquisition of ownership of
our Senatobia plant pursuant to a property exchange with Tate County,
Mississippi on May 30th, better positions the Company as it manages through a
difficult economic environment and seeks to return to profitability.”

The Company also provided an update today on the expected timing for filing
its 2012 Annual Report on Form 10-K with the Securities and Exchange
Commission. The Company had previously announced that it anticipated filing
its Form 10-K by May 31, 2013. Having completed the refinancing of its credit
facility on May 31, 2013, the Company now anticipates that McGladrey LLP, the
Company’s independent registered public accountants, will be able to complete
its audit and the Company will be in a position to file its Form 10-K on or
before June 21, 2013. McGladrey LLP has informed the Company that its audit
opinion may contain an explanatory paragraph expressing substantial doubt
about the Company’s ability to continue as a going concern. Such an opinion,
if rendered, will not constitute an event of default or otherwise affect the
Company’s ability to continue to borrow under its new credit facility with
First Capital.

Chromcraft Revington® businesses design, manufacture and import residential
and commercial furniture marketed primarily in the U.S. The Company wholesales
its residential furniture products under Chromcraft®, Cochrane®,
Peters-Revington®, and CR Kids & Beyond® primary brands. It sells commercial
furniture under the Chromcraft® and Executive Office Concepts brands. The
Company sources furniture from overseas suppliers, with domestic contract
specialty facilities, and operates a U.S. manufacturing facility for its
commercial furniture and motion based casual dining furniture in Mississippi
and a manufacturing facility for office suites and other commercial furniture
lines in California.

Certain information and statements contained in this news release are
forward-looking statements. These forward-looking statements can be generally
identified as such because they include future tense or dates, are not
historical or current facts, or include words such as “believe,” “may,”
“expect,” “intend,” “plan,” “anticipate,” or words of similar import.
Forward-looking statements express management’s current expectations or
forecasts of future events or outcomes, but are not guarantees of performance
or outcomes and are subject to certain risks and uncertainties that could
cause actual results or outcomes to differ materially from those in such
statements.

Among such risks and uncertainties that could cause actual results or outcomes
to differ materially from those identified in the forward-looking statements
are the impact of the current economic difficulties in the United States and
elsewhere; import and domestic competition in the furniture industry; our
ability to execute our business strategies; our ability to grow sales and
reduce expenses to eliminate our operating losses; the recent slowdown in the
U.S. office furniture market will continue; pressure to reduce deficit
spending at various governmental entities that directly or indirectly purchase
our products; our ability to sell the right product mix; our inability to
raise prices in response to increasing costs; continued credit availability
under our current credit facility and our ability to fully utilize the credit
facility; our ability to negotiate and enter into a definitive agreement with
RMMJ LLC on favorable terms concerning the previously announced possible sale
of the Company and consummate such transaction; our ability to raise
additional financing, if needed; our ability to anticipate or respond to
changes in the tastes or needs of our end users in a timely manner; supply
disruptions with products manufactured in China, Vietnam and other Asian
countries; market interest rates; consumer confidence levels; cyclical nature
of the furniture industry; consumer and business spending; changes in
relationships with customers; customer acceptance of existing and new
products; new home and existing home sales; financial viability of our
customers and their ability to continue or increase product orders; loss of
key management; other factors that generally affect business; and certain
risks set forth in the Company’s annual report on Form 10-K for the year ended
December 31, 2011.

The Company does not undertake any obligation to update or revise publicly any
forward-looking statements to reflect information, events or circumstances
after the date of such statements or to reflect the occurrence of anticipated
or unanticipated events or circumstances.

Contact:

Chromcraft Revington, Inc.
James La Neve, Vice President and CFO, 765-807-2640
 
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