DALLAS, April 30, 2001 (PRIMEZONE) -- Fresh America Corp. (Nasdaq:FRES), a major North American fresh produce distribution company, announced today that it has received an extension of its senior credit facility through May 16, 2001 and an extension of the May 1 interest payment on its subordinated debt facility to May 18, 2001. These extensions were granted to allow the Company to continue its negotiations with such lenders with respect to their debt facilities. There can be no assurance that the Company will be able to extend its senior credit facility beyond May 16, 2001 or receive further extensions and waivers from its subordinated lender and other third parties. These extensions also allow the Company to continue its discussions with a private equity fund with respect to a possible comprehensive refinancing of its existing debt, including the investment of additional equity funds, but there can be no assurance that such a refinancing can be negotiated or completed. Any such refinancing would require additional extensions from the lenders to allow time for negotiations.
The Company also announced that NASDAQ has set a hearing date of May 10, 2001 with respect to the Company's appeal of the determination of the NASDAQ staff to delist the Company's common stock.
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.