WOOD DALE, Ill., March 29, 2018 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. ("the Company") (OTC Pink:PSIX), a
leader in the design, engineering and manufacture of emissions-certified, alternative-fuel power systems, announced the successful
completion of an amendment and extension of its existing asset based revolving credit facility (“Credit Facility”) with Wells Fargo
Bank, NA (“Wells Fargo”). The amendment extends the maturity to March 31, 2021, subject to certain terms as further described
in the agreement, and increases the maximum credit line commitment to $75 million from $65 million. Additionally, among other
changes, the Company obtained additional borrowing base flexibility related to accounts receivable concentrations and eligible
accounts. The interest rate remains unchanged versus the prior agreement, however, it will decrease by 1 percentage point
upon the filing of the Company’s audited financial statements for the fiscal years ended December 31, 2016 and 2017, and the fiscal
quarter ending March 31, 2018, with the Securities and Exchange Commission.
John Miller, chief executive officer and president, commented, “We appreciate the support that Wells Fargo has provided to PSI
and we value this relationship. These positive changes support our current liquidity needs and provide us with greater
flexibility to execute our long-term business plan.”
Additional details on the amendment can be found in the Company’s Current Report on Form 8-K filed with the Securities and
Exchange Commission on March 29, 2018.
About Power Solutions International, Inc.
Power Solutions International, Inc. (PSI or the Company) is a leader in the design, engineering and manufacture of
emissions-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to leading global original equipment
manufacturers in the industrial and on-road markets. The Company's unique in-house design, prototyping, engineering and testing
capacities allow PSI to customize clean, high-performance engines that run on a wide variety of fuels, including natural gas,
propane, biogas, gasoline and diesel.
PSI develops and delivers powertrains purpose built for the Class 3 through Class 7 medium duty trucks and buses for the North
American and Asian markets, which includes work trucks, school and transit buses, terminal tractors, and various other vocational
vehicles. In addition, PSI develops and delivers complete industrial power systems that are used worldwide in stationary and
mobile power generation applications supporting standby, prime, distributed generation, demand response, and co-generation power
(CHP) applications; and mobile industrial applications that include forklifts, aerial lifts, industrial sweepers, aircraft ground
support, arbor, agricultural and construction equipment. For more information on PSI, visit www.psiengines.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding the current expectations of the Company about its prospects and
opportunities. These forward-looking statements are covered by the “Safe Harbor for Forward-Looking Statements” provided by
the Private Securities Litigation Reform Act of 1995. The Company has tried to identify these forward-looking statements by using
words such as “expect,” “contemplate,” “anticipate,” “estimate,” “plan,” “will,” “would,” “should,” “forecast,” “budgeted,”
“believe,” “outlook,” “guidance,” “projection,” “target” or similar expressions, but these words are not the exclusive means for
identifying such statements. The Company cautions that a number of risks, uncertainties and other factors could cause the Company’s
actual results to differ materially from those expressed in, or implied by, the forward-looking statements, including, without
limitation: the final results of the Audit Committee’s independent review as it impacts the Company’s accounting, accounting
policies and internal control over financial reporting; management’s ability to successfully implement the Audit Committee’s
remedial recommendations; the reasons giving rise to the prior resignation of RSM US LLP as the Company’s independent registered
public accounting firm; the time and effort required to complete the restatement of the affected financial statements, complete its
delinquent financial statements and amend or prepare the related Form 10-K and Form 10-Q filings, particularly within the current
anticipated timeline; the subsequent discovery of additional adjustments to the Company’s previously issued financial statements;
the timing of completion of necessary re-audits, interim reviews and audits by the new independent registered public accounting
firm; the timing of completion of steps to address, and the inability to address and remedy, material weaknesses; the
identification of additional material weaknesses or significant deficiencies; variances in non-recurring expenses; risks relating
to the substantial costs and diversion of personnel’s attention and resources deployed to address the financial reporting and
internal control matters and related class action litigation; the ability of the Company to accurately budget for and forecast
product shipments, and the extent to which product shipments result in recorded revenues; the impact of the resignation of the
Company’s former independent registered public accounting firm, RSM US LLP, on the Company’s relationship with its lender and trade
creditors and the potential for defaults and exercise of creditor remedies; the impact of the previously disclosed investigation
initiated by the SEC and any related or additional governmental investigative or enforcement proceedings; the impact of
resignations of the Company’s directors and certain executive officers and any delays and challenges encountered in recruiting
replacements for open positions and the replacements’ transitions into their positions; and any negative impacts from delisting of
the Company’s common stock from Nasdaq and any delays and challenges in obtaining a re-listing on a stock exchange. Actual events
or results may differ materially from the Company’s expectations. The Company’s forward-looking statements are presented as of the
date hereof. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any
forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Power Solutions International, Inc.
Philip Kranz
Director of Investor Relations
+1 (630) 451-5402
Philip.Kranz@psiengines.com
