EXHIBIT 99.1
ACME UNITED CORPORATION NEWS RELEASE
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CONTACT: Paul G. Driscoll
Acme United Corporation
60 Round Hill Road Fairfield, CT 06824
Phone: (203) 254-6060 FAX: (203) 254-6521
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FOR IMMEDIATE RELEASE June 24, 2008
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ACME UNITED CORPORATION ANNOUNCES NEW BANK FACILITY
FAIRFIELD, CONN. - June 24, 2008 - Acme United Corporation (AMEX:ACU)
today announced that it has entered into a new loan agreement with Wachovia
Bank, N.A. The new two year facility increases availability from $15.0 million
to $20.0 million, and lowers the interest rate from Libor plus 1% to Libor plus
7/8%.
The new facility is intended to provide liquidity for growth, share
repurchases, dividends, acquisitions, and other related business activities.
Walter C. Johnsen, Chairman and CEO said, "We are pleased to have the
confidence and support of Wachovia Bank, and look forward to using the enhanced
liquidity to build our business. We believe the current economic environment may
present opportunities where our balance sheet and liquidity could prove
beneficial. Our borrowing rate today based on the new formula is 3.4%."
ACME UNITED CORPORATION is an innovative supplier of cutting devices,
measuring instruments, and safety products for school, home, office and
industrial use. Its leading brands include Westcott(R), Clauss(R), and
PhysiciansCare (R).
Forward-looking statements in this report, including without
limitation, statements related to the Company's plans, strategies, objectives,
expectations, intentions and adequacy of resources, are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties including without limitation the following: (i) the Company's
plans, strategies, objectives, expectations and intentions are subject to change
at any time at the discretion of the Company; (ii) the Company's plans and
results of operations will be affected by the Company's ability to manage its
growth, and (iii) other risks and uncertainties indicated from time to time in
the Company's filings with the Securities and Exchange Commission.