Contact:
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Kley Parkhurst, SVP
ePlus Investor Relations
Tel: 703-709-1924
kparkhurst@eplus.com
EPLUS INCREASES MULTIYEAR CREDIT FACILITY
Amended Multiyear Facility Upsized to $35 Million, 3-1/4 Year Term
HERNDON, VA - January 19, 2001 - ePlus inc. (Nasdaq: "PLUS"), a leading provider
of remotely-hosted, Web-based e-procurement, asset management, and financing
solutions, announced that it has increased its current credit facility to a
maximum of $35 Million from $20 million and lengthened its term to 3-1/4 years
from 364 days. In addition, Branch Banking and Trust Company ("BB&T") and PNC
Bank, N.A. have joined the bank group as participants, and National City Bank is
continuing as Agent.
Phillip G. Norton, chairman, president and chief executive officer said
"National City Bank has done a great job of syndicating our facility. NatCity's
confidence in ePlus and its execution of our multi-year facility really
highlights our competitive strengths in this market: a strong balance sheet,
consistent financial results and cash flow, and most importantly, the validity
and success of our business strategy to accelerate our e-commerce services
within our established businesses. We believe that having positive GAAP earnings
gives us a real competitive advantage in this new market environment, in
acquiring and keeping customers, who today scrutinize the financial strength and
longevity of their vendors and service providers more than before."
Mr. Norton continued "We are very pleased that two excellent banks have joined
our facility, BB&T and PNC. They are top-notch financial services organizations
and we look forward to working with them over the duration of the facility."
ePlus, ePlusSuite, Procure+, Manage+, and Service+ are trademarks of ePlus inc.
Finance+ is a registered service mark of ePlus inc.. Other trademarks and
service marks used herein are the property of their respective owners.
About National City:
National City Corporation (NYSE: NCC) is an $85 billion financial holding
company based in Cleveland, Ohio. The company offers a full range of financial
services including investment banking, brokerage, mutual fund, insurance and
traditional banking services to individuals and businesses. National City has
offices in Ohio, Pennsylvania, Michigan, Indiana, Kentucky and Illinois.
National City can be found on the World Wide Web www.national-city.com.
About BB&T:
Branch Banking and Trust Company is the principal subsidiary of Winston- Salem,
N.C.-based BB&T Corporation (NYSE: BBT - news). With $59.1 billion in assets,
BB&T Corp. is the nation's 17th largest financial holding company. BB&T operates
888 banking offices in the Carolinas, Virginia, Maryland, West Virginia,
Georgia, Tennessee, Kentucky, and Washington, D.C. BB&T and its subsidiaries
offer full-service commercial and retail banking and additional financial
services such as investments, retail brokerage, corporate finance, international
banking, leasing and trust. More information is available at www.BBandT.com.
About PNC:
PNC Financial Services Group, Inc. (NYSE: PNC), headquartered in Pittsburgh, is
one of the nation's largest diversified financial services organizations with
over $70 Billion in assets, providing regional banking, corporate banking, real
estate finance, asset-based lending, wealth management, asset management and
global fund processing services. More information about PNC can be obtained on
the Web at http://www.pnc.com.
About ePlus:
ePlus is a leading provider of remotely-hosted, Web-based e-procurement, asset
management, and financing solutions. ePlus both simplifies and shortens the
implementation process by including customized workflow management and hosting
the Procure+ and Manage+ solutions for its customers.
ePlus has 156 e-commerce customers which includes 116 implemented customers.
Founded in 1990, the company is headquartered in Herndon, VA and has more than
20 locations in the US. For more information, visit our website at
www.eplus.com, call 800-827-5711 or email to info@eplus.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: The statements contained in this release, which are not historical facts,
may be deemed to contain forward-looking statements. Actual results may vary due
to the following risks and uncertainties, including, without limitation, general
economic conditions; fluctuations in operating results; its ability to
effectively manage future growth, to retain and efficiently integrate our
executive management team, and to identify, hire, train and retain, in a highly
competitive market, individuals highly skilled in the Internet and its rapidly
changing technology; the lack of long-term contracts in certain business units;
its ability to enter into and retain its existing, strategic relationships;
market acceptance; rapid technological change; a decline in Internet usage and
intense competition in its market; its ability to effectively integrate the
operational, managerial and financial aspects of future acquisitions; demand and
competition for the Company's lease financing and equipment sales and asset
management services, and the products to be leased or sold by the Company; the
continued availability to the Company of adequate financing in general and
availability under the line of credit discussed herein; the ability of the
Company to recover its investment in equipment through remarketing; the
successful execution of its e-commerce strategy; the amount of equipment
ordered, purchased and/or leased by the customers in this release; and other
risks or uncertainties detailed in the Company's Securities and Exchange
Commission filings. Investors are cautioned that current financial results may
not be indicative of future results.
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