SPOKANE VALLEY, Wash., Dec. 05, 2024 (GLOBE NEWSWIRE) -- Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced that it entered into a new financing arrangement with the Bank of Montreal and Callodine Commercial Finance which extends and increases its access to working capital through December 2029. The combined financing agreement provides up to $143 million in availability, subject to the Company’s borrowing base and other limitations. The new credit agreements replace Key Tronic’s asset-based line of credit with Bank of America, which was set to expire in December 2025. In connection with these agreements, the Company expects to write off approximately $0.9 million in unamortized capitalized loan fees. “We are excited to update our financing arrangements as we prepare for growth in coming years,” said Tony Voorhees, Chief Financial Officer. “We believe the new financing significantly enhances our access to working capital over the next five years and address liquidity to support our long-term growth plans. Additionally, we anticipate these new facilities will lower our interest expense and provide greater financial flexibility moving forward.” About Key Tronic Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers with full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com. Forward-Looking Statements Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as anticipates, believes, expects, will, and similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company’s statements regarding its expectations with respect to anticipated growth and the availability of financing, reduced interest expense, and financial flexibility under the new financing arrangements. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident, and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.
Timeline: Jimmy Carter, 1924-2024
( MENAFN - Jordan Times) AMMAN - The Edom Lowlands Regional Archaeology Project (ELRAP), directed by Thomas E. Levy and Mohammad Najjar, is a deep-time investigation of society in the Faynan region of Southern Jordan, said Assistant Professor of Anthropological Archaeology Matt Howland at Wichita State University, in Wichita, Kansas. "This means that we are interested in the long- term Occupation of the region, ranging from the Neolithic period, to the region's peak occupation and copper production during the Iron Age, to the Middle Islamic period, when copper was also produced," Howland said A lot of the excavations conducted by the ELRAP were focused on the relationship between copper production and social complexity, and helped show how the mining and manufacture of copper helped a local complex society develop in the Early Iron Age in Jordan, Howland continued. The professor added that his research focuses mainly on the use of spatial and 3D technologies to investigate the ancient past and share results of this research with the public. Howland worked with Levy during his undergraduate studies at Penn State University and his PhD studies at the University of California San Diego. "I developed research projects using GIS, a technology used for digital mapping, to investigate Iron Age societies in the Southern Levant. In my Ph.D. dissertation, I investigated Iron Age trade networks based in the Faynan region of Southern Jordan, and how high-status elites in Faynan controlled the manufacture and export of copper across the entire Southern Levant and beyond," Howland said. Since the team no longer actively excavates, it is interested in sharing some of the results with the general public, especially including the people of Jordan, who have always been very hospitable hosts and partners in the project. Several years ago, the ELRAP team developed an Arabic-language StoryMap to share some of the results relating to the Iron Age archaeology and heritage of Faynan with Jordanians. "Now, our new project shares 3D models that help tell the story of the Iron Age and Middle Islamic archaeology of Faynan on the website Sketchfab. Users can explore the models on this website in Arabic according to their own interest in the history and archaeology of Faynan," Howland elaborated. "We want users, especially Arabic-speaking Jordanians, to be able to explore the 3D data we have collected in the field during years of archaeological survey and excavation in the region without having to look through English-language and pay walled journal articles," the professor added. In this work, the team found it very important to work collaboratively with Jordanians to help tell the story of the archaeology of Faynan, and, luckily, they were able to collaborate with not only co-director Najjar, but also a librarian Samya Kafafi from American Centre of Research and a Jordanian student Omar Khalil from Wichita State University. The link between Faynan and Howland goes back to 2012 when he spent two months excavating the site. Howland immediately found the Faynan region to be extremely beautiful and the Bedouin people who live there to be very hospitable and friendly. Also, the archaeology of Faynan is very exciting, and is an underappreciated cultural heritage resource. "The many amazing archaeological sites in Faynan help to tell an incredible story about the development of a local complex society that was at the centre of a flourishing trade network in the Iron Age, just like the Nabateans later on in history, the professor said. "Since my own career and research has benefitted so much from research in Faynan, I want to share some of what I have learnt with the people of Jordan, and collaborate with them to help raise awareness about their amazing cultural heritage. Digital projects in Arabic, like our current project on Sketchfab, are one small way of doing that," Howland underlined. MENAFN28122024000028011005ID1109038260 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.