WAYNE, N.J., June 15, 2005 (PRIMEZONE) -- Polymeric Resources Corp. (Pink Sheets:PLYR) announced that it completed a refinancing of its existing New Jersey Economic Development Authority Bonds, and the City of Henderson Kentucky Industrial Revenue Bonds, with long term fixed rate financing of $6.5 million through Valley National Bank.
For Fiscal year ended June 30, 2004, Polymeric's gross revenues increased to $58.7 million in fiscal 2004 from $55.2 million in 2003 with net profits of $601,258 and $6.17 per share in 2004 compared to $579,007 and $5.91 per share in 2003.
The Company's management indicated that in light of increasing raw material costs, it is assessing certain strategic acquisitions to provide a long term and economic source of necessary raw materials. The Board of Directors has authorized Company management to continue the Company's stock buy-back program from time to time on such terms and on such amounts as management deems necessary.
About Polymeric
Polymeric Resources Corp. engages primarily in the business of recycling and upgrading engineering plastic by-products into nylon and other polymer plastic compounds for use by manufacturers as the primary material for the production of injection molded or extruded plastic products. The Company's products are sold in finished and semi-finished form. It maintains manufacturing facilities in Wayne, New Jersey and Henderson, Kentucky.
Statements released by Polymeric that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the Company's business prospects and performance. The Company's actual results could differ materially from those in such forward-looking statements. The Company does not undertake any responsibility to update the forward-looking statements contained in this release.