ENGlobal Announces Update on Financing Initiative

ENGlobal

announced today that it has received approval from a senior lender with respect to a new $35 million senior revolving credit facility. The new credit facility will replace its existing senior credit facility, support liquidity needs, and fund working capital requirements. The transaction, subject to documentation and customary closing conditions, is expected to close by the end of May. "We are pleased to forge a new relationship with a major U.S. financial institution that will address our current and future borrowing needs," said Edward L. Pagano, ENGlobal's President and Chief Executive Officer. "Once complete, we believe the new facility should expand our borrowing capacity, provide greater flexibility, and enable us to meet our future growth objectives."