Newsbits
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Toronto, Canada (September 4, 1998) - KING Products Inc. (CDN: KINK) today announced that strong growth in business volumes for its Internet-related, public computing products during 1998 requires the Company to access additional capital from new investors. "Sales doubled to $7.6 million during the six months ended June 30," said Richard Reid, Chairman of the Board. "Our working capital is not sufficient to meet the dramatic increase in business volumes. This growth, as well as non payment of overdue accounts receivable from Asian trading partners, has created difficulty for the Company in satisfying all of its current obligations." "We are taking some necessary steps to increase the Company's working capital in response to constraints on liquidity that we are now experiencing. The Company is actively seeking further financing and is in discussions with a number of parties, including potential strategic partners," he said. To facilitate a refinancing, KING Products is taking steps to reposition its current business into two separate units - one to handle its architectural design and manufacturing business and the other to manage its public computing and communications business. The new subsidiary for public computing and communications has been named Public Computing and Communications Interactive or PCC Interactive. Unrelated to the foregoing, Peter Richards has resigned to accept a senior executive position with a large software company. Mr. Richards will remain a director of KING Products. About KING Products KING Products designs and builds public computing systems that allow individuals to access the Internet from public locations. The Company's products integrate computer, telephony and multimedia technology into stand-alone systems. In addition to Internet access, these systems allow users to access e-mail, e commerce and e yellow pages, as well as other fax, data and voice communication services. KING Products' growing customer list includes such international companies as British Telecom for whom it has developed a line of public computing payphones. One thousand of these systems will begin to be deployed throughout Britain later this year. The Company has received firm purchase orders from Canada Payphone Corporation to provide its new public computing payphones for use by AT&T Canada Long Distance Services. These systems will provide Canadians with public access to the Internet, public computing and other leading edge telephony services. These systems will be deployed into hotels, airports, train stations, convention centers and other selected locations across Canada this year. The Company's products can be found at Ambest truck stops across the USA, the new Hong Kong Airport, the Toronto Eaton Center, Philadelphia Airport, Dulles Airport, the Port Authority of New York and New Jersey and the Conference Center in North Vancouver. For more information please contact: Newsbit furnished by:
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