DALLAS, Texas, April 20, 2001 (PRIMEZONE) -- Fresh America Corp. (Nasdaq:FRES), a major North American fresh produce distribution company, announced today that it has received extensions from its senior lender through April 27, 2001. Fresh America is continuing efforts to refinance or extend its senior secured revolving credit facility which was originally scheduled to expire on February 1, 2001. The outstanding borrowings under the facility have been reduced from $21.2 million at December 31, 1999 to a current balance of $8.6 million. There can be no assurance that the Company will be able to extend its senior credit facility beyond April 27, 2001 or receive consents and waivers required from other debtors for such extension to become effective. The Company is also continuing its efforts to arrange replacement financing or other sources of funds should such extension become effective.
Fresh America is an integrated food distribution management company that operates ten distribution facilities located in Dallas and Houston Texas; Atlanta, Georgia; Pensacola, Florida; Scranton and Wilkes-Barre, Pennsylvania; Richmond, Indiana; Chicago, Illinois; Phoenix, Arizona; and Los Angeles, California.
This news release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Important risk factors that could cause actual results to differ materially from those reflected in the Company's forward-looking statements include the Company's continued dependence on key customers, risks associated with new business opportunities, volatility of produce prices and quality, the availability and costs of borrowed funds and covenant requirements of its lenders, general economic and market conditions, competition, dependence on key personnel and seasonality, as well as the risk factors and uncertainties disclosed in the Company's filings with the Securities and Exchange Commission.