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Denali Incorporated announced that it has completed the sale of $1.4 million in private equity in the form of 700,000 shares of common stock at $2.00 per share to two of its founding directors. Denali also announced that it has obtained an extension on the agreement of its U.S. bank facility lenders not to enforce their remedies against the company through Sept. 30, 2000, for the company’s ongoing financial covenant defaults and for the company’s failure to make required principal payments due under the facility on June 30, 2000. In addition, the bank group has agreed to expand the company’s revolving line of credit from $25 million to $27 million through Sept. 30, 2000. “We are gratified to receive this support and expression of onfidencefrom our two founding directors, as well as from our lenders,” stated Richard W. Volk, Denali’s chairman and CEO. “This additional funding improves our financial flexibility to complete the company’s recapitalization and provides additional working capital to pursue opportunities and build shareholder value.” Denali Incorporated, is a global provider of fluid handling products specializing in corrosion-resistant applications in process industries such as: chemical, power, pulp and paper, petroleum equipment and water/wastewater. The company manufactures engineered fiberglass-composite tanks, vessels and piping systems, as well as steel, aboveground storage tanks. The company also distributes a wide range of engineered products and systems. Headquartered in Houston, Denali Incorporated has over 20 manufacturing facilities in the United States, the Netherlands, Germany, the United Kingdom, Poland, France and Chile and joint ventures in Venezuela and Thailand.
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