IEC sells assets of Mexican facility

IEC Electronics Corp. is closing its Mexican manufacturing facility and selling the assets to Electronic Product Integration Corporation (EPI). IEC's customer base in Reynosa will be transferred to the Juarez operations.

Chairman and acting CEO W. Barry Gilbert said, 'We firmly believe selling the assets of our Mexican facility is a step in the right direction towards restoring financial stability and economic viability to this company. Without the continuing losses in Mexico, we expect to see improvement to our bottom line in the 4th quarter.'

Gilbert also announced Friday that IEC has received a three-month extension to their bank loan agreement. This latest extension will expire September 30, 2002.

CEO Gilbert said, 'Recent changes, including restructuring at our Newark facility, have been supported by our lenders. We are firmly determined to take the necessary steps to restore financial stability to IEC.'

The Newark company, has been struggling and has drastically reduced its workforce. You can visit the company website at www.iec-electronics.com

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