MELVILLE, N.Y., Sept. 1, 2009 (GLOBE NEWSWIRE) -- P&F Industries, Inc. (Nasdaq:PFIN) announced today that it has obtained a waiver from its senior lenders of its non-compliance with certain financial covenants. In connection with the waiver, the Company entered into an amendment to its credit facility with such lenders which, among other things, increases loan margin rates, requires expanded financial reporting and obligates to Company to take certain steps to convert the credit facility to an asset-based facility within 60 days.
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This is a Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based upon the Company's historical performance and on current plans, estimates and expectations, which are subject to various risks and uncertainties, including, but not limited to, the impact of competition, product demand and pricing, and those described in the reports and statements filed by the Company with the Securities and Exchange Commission, including, among others, those described in the Company's Annual Report on Form 10-K. These risks could cause the Company's actual results for the 2009 fiscal year and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.