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ILNP |
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ILNP will report net income of $265,000 which reflects certain nonrecurring expenses related to merger activity and recent financings that occurred during the first quarter. This secured asset based credit facility replaces the Company's existing credit line and doubles ILNP borrowing capacity, providing additional working capital for expanding operations. John Mazzuto, Chief Executive Officer of Industrial Enterprises of America, stated, "This acquisition will provide ILNP with a substantial addition to its product lines and will effectively double the size of our operations allowing us to achieve significant economies of scale. |
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