Exhibit 99.1
Contact: Jill Schmidt
S&S Public Relations
jills@sspr.com
847-955-0700 ext. 227
ePlus Increases Multi-Year Credit Facility
Multi-bank, $45 Million, 3-Year Facility
HERNDON, VA - July 24, 2003 - ePlus inc. (Nasdaq NM: PLUS - news), a leading
provider of Enterprise Cost Management solutions, announced today that it has
early renewed its credit facility and increased the maximum amount which can be
borrowed to $45 million from the current $35 million.
The three year, multi-bank facility includes current participants National City
Bank (Agent) and Branch Banking and Trust Company ("BB&T"), and adds a new
lender, the Bank of America, N.A. Each bank has committed $15 million to the
facility.
The facility will allow ePlus to accommodate growth in its leasing and
fulfillment businesses, adds a new $600 billion global bank, and provides the
security of an extended three-year term. ePlus' positive financial performance
has made it possible to expand the asset base which can be pledged as
collateral, providing more flexibility and increasing the ability of the company
to fund all of its business units under the facility.
Phillip G. Norton, chairman, president and CEO of ePlus inc., stated, "Our
ability to early renew and increase our credit facility solidifies a competitive
advantage, and is based on our past performance as well as the confidence that
our bank group has in our future prospects. With the ongoing support of National
City Bank and BB&T and the addition of the Bank of America, we have the
financial resources to sustain substantial growth over the next three years."
Michael J. Labrum, senior vice president of National City Bank, said, "We
continue to support ePlus because of the company's strong management, strong and
conservative balance sheet, and delivery of profitable financial results for
more than ten years. Their progress during the term of the prior facility has
been impressive, and we are optimistic about their continued growth potential."
About National City Bank National City Corporation (NYSE: NCC) is an over $100
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 Branch Banking and Trust
Branch Banking and Trust Company is the principal subsidiary of Winston- Salem,
N.C.-based BB&T Corporation (NYSE: BBT - news). With $91 billion in assets, BB&T
Corp. BB&T operates 1,400 banking offices in the Carolinas, Virginia, Maryland,
West Virginia, Georgia, Tennessee, Kentucky, Alabama, Indiana, Florida 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 Bank of America
Bank of America N.A. is the principal US bank subsidiary of Bank of America
Corporation (NYSE:BAC), headquartered in Charlotte, is one of the world's
largest financial institutions with over $600 Billion in assets. BAC operates in
21 states and Washington, D.C. through 4,200 banking centers and offers a full
range of consumer, commercial, global and investment banking as well as asset
management services. More information is available at www.bankofamerica.com.
About ePlus inc.
A leading provider of Enterprise Cost Management, ePlus provides a comprehensive
solution to reduce the costs of purchasing, owning, and financing goods and
services. ePlus Enterprise Cost Management (eECM) packages business process
outsourcing, eProcurement, asset management, supplier enablement, strategic
sourcing, and financial services into a single integrated solution, all based on
ePlus' leading business application software. Profitable since inception in
1990, the company is headquartered in Herndon, VA and has more than 30 locations
in the U.S. For more information, visit www.eplus.com, call 888-482-1122 or
email to info@eplus.com.
ePlus (TM), ePlus Enterprise Cost Management, and eECM are trademarks or
trademarks
applied for of ePlus inc. Other marks are trademarks and/or servicemarks of
their respective owners.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release, which are not historical facts, may be
deemed to be "forward-looking statements". Actual and anticipated future results
may vary due to certain risks and uncertainties, including, without limitation,
the existence of demand for, and acceptance of, our services; our ability to
adapt our services to meet changes in market developments; the impact of
competition in our markets; the possibility of defects in our products or
catalog content data; our ability to hire and retain sufficient personnel; our
ability to protect our intellectual property; the creditworthiness of our
customers; our ability to raise capital and obtain non-recourse financing for
our transactions; our ability to realize our investment in leased equipment; our
ability to reserve adequately for credit losses; fluctuations in our operating
results; our reliance on our management team; and other risks or uncertainties
detailed in our Securities and Exchange Commission filings.