Concord Camera Corp. finalizes two financing transactions; Extends credit facility through 1997 and signs $2,000,000 equipment financing agreement

Business Wire, August 12, 1996

AVENEL, N.J.--(BUSINESS WIRE)--Aug. 12, 1996--Concord Camera Corp. (NASDAQ National Market: LENS) today announced the finalization of two financing transactions. An existing credit facility with the CIT Group of New York was extended through May 31, 1997. The existing facility was amended to provide for a total borrowing of up to $5.0 million against eligible receivables and inventory. In addition, the Company has entered into a $2.0 million equipment financing with GE Capital Finance Ltd. Hong Kong. This long term arrangement involved the financing of certain capital equipment and other fixed assets of the Company's Hong Kong subsidiary and its manufacturing facilities located in the People's Republic of China (PRC).

Commenting on the news, Ira B. Lampert, Chairman and CEO of Concord Camera Corp., said, "The extension of the CIT credit facility demonstrates their continued confidence in Concord, its financial strength and future performance. We view the GE transaction as an important first step in securing traditional long term financing for our expanded manufacturing facilities located in the PRC." Further, he added, "The Company is currently exploring additional financing opportunities for its China manufacturing facilities as well as additional credit facilities for its European and Canadian subsidiaries."

Concord Camera Corp. is principally engaged in the manufacture and sale of popularly-priced, easy-to-use, 35 millimeter, 110 cartridge, and single-use cameras which it manufactures and assembles in the PRC under the trade names CONCORD, KEYSTONE, LE CLIC and, for sales outside the United States and Mexico, ARGUS trade names, as well as private labels. The Company sells and markets its camera products worldwide through direct sales offices in the United States, Canada, Germany, Hong Kong, Japan, Panama, United Kingdom, France and through independent sales agents.

CONTACT: Concord Camera Corp.

Steve Jackel, Pres. & COO

(908) 499-8280

or

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The Equity Group Inc.

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