Contact: Kleyton Parkhurst, SVP
ePlus inc.
kparkhurst@eplus.com
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703-984-8150
ePlus Technology Increases Credit Facility Agreements with GE Commercial
Distribution Finance
Increase In Capacity Enhances ePlus' Working Capital Financing Capacity
HERNDON, VA - November 18, 2005 - ePlus inc. (Nasdaq NM: PLUS - news), a leading
provider of Enterprise Cost Management solutions, today announced that ePlus
Technology inc., a wholly owned subsidiary, modified and increased the maximum
limits of its current credit facility agreements with GE Commercial Distribution
Finance Corporation ("GECDF"). ePlus Technology utilizes the GECDF credit
facilities, comprised of a floorplan credit facility and an accounts receivable
facility, to finance inventory and accounts receivable related to the sale of
computer technology, peripherals and software products.
The new agreements provide ePlus Technology with a total credit limit of up to
$75,000,000 with a sub-limit of $20,000,000 of accounts receivable financing.
ePlus inc. will continue to guarantee this facility up to a limit of
$10,500,000. The amounts available under the agreements are subject to qualified
collateral limitations and either party may terminate with proper notice.
"These changes increase our capacity to efficiently and effectively compete as
one of the top 100 solutions providers in the industry," said Phillip G. Norton,
chairman, president and CEO of ePlus. "We thank GECDF for its continued support
of ePlus."
About GECDF
GE Commercial Distribution Finance Corporation (CDF) is a leading provider of
specialized financing and servicing programs that facilitate the manufacture,
distribution, and sale of technology products, motorsports, watercraft,
electronics and appliances, outdoor power equipment, manufactured housing,
office products, consumer durables, and industrial equipment. More information
can be found at www.gecdf.com.
About ePlus inc.
ePlus is a leading provider of Enterprise Cost Management solutions for
information technology, finance, procurement, operations, and supply chain
professionals that want to reduce the costs of sourcing, purchasing, managing,
and financing information technology goods and services. Our Enterprise Cost
Management solutions provide sourcing, procurement, spend analytic, supplier
management, document collaboration, asset management, professional services, and
leasing to ePlus' 2,000+ customers. 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
info@eplus.com.
ePlus(R) ePlus Enterprise Cost Management(R), and eECM(R) are registered
trademarks of ePlus inc. The names of actual 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.