SOLON, Ohio, Feb. 6, 2003 (PRIMEZONE) -- Advanced Lighting Technologies, Inc. (OTCBB:ADLT) announced today that the US Bankruptcy Court for the Northern District of Illinois, Eastern Division approved the company's request for authority to obtain post petition financing. This ruling gives ADLT access to additional availability through its existing bank group led by PNC Bank in addition to the senior facility in place prior to the filing.
The DIP facility is available immediately to supplement ADLT's existing capital and to help the company fulfill obligations associated with operating its business including payments to suppliers for goods and services provided on or after the filing date of February 5, 2003.
The case has been assigned to the Honorable Bankruptcy Judge Squires. Information regarding the filings in this case is available on the court's web site. ADLT's case is filed under case numbers 03-05255 through 03-05261.
About Advanced Lighting Technologies
Advanced Lighting Technologies, Inc. is an innovation-driven designer, manufacturer and marketer of metal halide lighting products, including materials, system components, systems and equipment. The Company also develops, manufactures and markets passive optical telecommunications devices, components and equipment based on the optical coating technology of its wholly owned subsidiary, Deposition Sciences, Inc.
Forward-Looking Statements
Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including uncertainties associated with the restructuring process, the ability of the Company to successfully emerge from bankruptcy, the ability of the Company to operate successfully during the reorganization proceeding, and disruptions to the Company's business relationships during the restructuring process. Other risks and uncertainties include the strength of the recovery of the U.S. economy, timely development and market acceptance of new products, including production equipment, the ability to provide adequate incentives to retain and attract key employees, the impact of competitive products and pricing, and other risks detailed from time-to-time in the Company's EDGAR filings with the Securities and Exchange Commission. In particular, see "Risk Factors" in the Company's Form 10-K for the fiscal year ended June 30, 2002. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects" and similar expressions are intended to identify forward-looking statements. The Company's actual results could differ materially from those anticipated in these forward-looking statements.