UTILX Announces Extension of Loan with FINOVA Capital Corporation

Business Wire, March 1, 2000

Business Editors

KENT, Wash.--(BUSINESS WIRE)--March 1, 2000

UTILX Corporation (Nasdaq:UTLX) announced today that it had extended its loan with FINOVA Capital Corporation by one year, to April 2002. As part of the loan modification, FINOVA also agreed to decrease its interest rate from Prime plus 1% to Prime plus .5%.

"We have had an excellent relationship with FINOVA," commented William M. Weisfield, President and CEO of UTILX. "This loan modification indicates that FINOVA is eager to continue our business relationship past April 2001. We are pleased that FINOVA recognized that our risk profile has decreased enough to agree to this extension and interest rate relief. UTILX is also looking forward to a mutually beneficial relationship well into the future."

UTILX Corporation provides critical services for the installation and rejuvenation of aged underground utility infrastructure with proprietary CableCure(R) solution, in the U.S. and Canada through a network of regional sales and service centers. The Company also provides CableCure services throughout Europe and Asia.

This release contains forward-looking statements relating to the Company's existing and future products and services and future operating results that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe", "expect", "intend", "plan", variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include competitive pressures, levels of work received from key customers, weather, regulatory, other matters affecting the utility industry in general, and any matters that could cause sudden changes in customers' demand for the Company's services. The Company's contracts typically allow for cancellation on short notice. Reference is made to the Company's latest Annual Report on Form 10-K filed with the SEC for a more detailed description of such factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.