Seattle, WA (PRWEB) May 13, 2005
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Dr. Joseph de Beauchamp, WFNN's Chief Independent Analyst, said, ÂWith this new round of financing, the company stands strong to sell products in the United States, Canada and Mexico. New Century announced it has received a signed commitment for a $5,000,000 long-term senior debt facility. The company for general working capital to build machines for inventory and to expand New CenturyÂs manufacturing capabilities in to other business segments will utilize proceeds. This shows bright prospects for the company. WFNN sees the stock turning around and moving to $3.00 per share in the near term."
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About New Century: New Century provides manufactured and remanufactured machines as part of the machine tool industry. The machine tool industry worldwide is approximately a 30 billion dollar business annually. Their machines are utilized in a wide variety of industry segments as follows: aerospace, energy, valves, fittings, oil and gas, machinery and equipment, and transportation. With the recent downturn in the aerospace industry, they have seen an increase in orders from new industries such as defense and medical industries. Their products are manufactured from various raw materials, including cast iron, sheet metal, bar steel and bearings. Although their operations are highly integrated, they purchase a number of components from outside suppliers, including the computer and electronic components for their CNC turning lathes.
Dr. Joseph de Beauchamp, Pubic relations
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