Contact: Jill Schmidt Kleyton Parkhurst, SVP
S&S Public Relations ePlus inc.
jills@sspr.com kparkhurst@eplus.com
847-955-0700 ext. 227 703-709-1924
ePlus Increases Floor-Planning and Accounts Receivable Facility
HERNDON, VA - July 1, 2004 -- ePlus inc. (Nasdaq NM: PLUS - news) announced
today that its wholly owned subsidiary, ePlus Technology, inc., has increased
its current floor-planning agreement with GE Commercial Distribution Finance
Corporation ("GECDF") to a maximum overall total of $50 million from the prior
$33 million. The financing facility, originally entered in September 2000,
includes a maximum receivable accounts facility sub-limit of up to $15 million,
and is guaranteed up to $10.5 million by ePlus inc.
The revised facility will support, in part, the expected increase in ePlus' IT
sourcing business resulting from its recent acquisition of Manchester
Technologies' IT sales and services business on May 28, 2004. This facility is
separate from and exclusive of the company's $45 million equipment finance
facility which has National City Bank as its agent.
Steven J. Mencarini, Senior Vice President and CFO ePlus inc., stated "We are
pleased by GECDF's continued commitment to the expanded financing needs of our
IT Sourcing business. This increase in facility limits will enhance our ability
to support our growing customer base. Combined with our equipment finance
facility lenders, National City Bank, BB&T, and Bank of America, ePlus continues
to benefit from its long-term, solid relationships with top-flight financing
institutions."
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, product and catalog content
management, supplier enablement, strategic sourcing, financial services and
document access and collaboration into a single integrated solution, all based
on ePlus' leading business application software. The company is headquartered in
Herndon, VA, and has more than 30 locations in the U.S and Canada. For more
information, visit www.eplus.com, call 888-482-1122 or email info@eplus.com.
ePlus is a registered of ePlus inc. in the U.S. and/or other countries. The
names of other companies and products mentioned herein may be the trademarks 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.