PITTSBURGH, March 7, 2008 (PRIME NEWSWIRE) -- Industrial Enterprises of America, Inc. (Nasdaq:IEAM), an automotive aftermarket packager and supplier, reported today that the Company continues to be in discussions with Black Nickel Vision Fund LLC, "Black Nickel," regarding its recent loan to the Company.
The loan agreement with Black Nickel, dated January 6, 2008, was for a total of $1.5 million in two tranches and is currently not secured but is to be secured upon meeting certain conditions. The Loan and Securities Purchase Agreement (the "Agreement") was properly approved by the Company's Board of Directors and then-current Chief Executive Office. Black Nickel received 2 million shares of the Company's common stock as partial consideration for entering into the Agreement. The Company is currently working with Black Nickel to review and possibly restructure the relationship between the parties and determine how best to move forward.
About Industrial Enterprises of America
Industrial Enterprises of America, Inc. is an automotive aftermarket packager and supplier that specializes in the sale of anti-freeze, auto fluids, charcoal fluids and other additives and chemicals. The Company has distinct proprietary brands that collectively serve the retail, professional and discount automotive aftermarket channels. For more information please visit www.industrialenterprisesinc.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of Industrial Enterprises of America set forth herein and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are "forward-looking statements". Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties which could cause the Company's future results to differ materially from those anticipated, including: (i) the Company's history of ongoing operating losses; (ii) the overall marketplace and clients' usage of products, including demand therefore, the impact of competitive technologies, products and pricing, particularly given the substantially larger size and scale of certain competitors and potential competitors, control of expenses, and revenue generation by the acquisition of new customers; Other risks are detailed from time to time in the Company's 2006 Annual Report on Form 10-KSB, as amended, its Quarterly Reports on Form 10-QSB, and in its other Securities and Exchange Commission reports and statements. The Company assumes no obligation to update any of the information contained or referenced in this press release.