SEYI Successfully Completes Bank Financing

SEYI has entered into a TWD 1.8 billion (USD 59.6 million), five-year Revolving Credit Agreement that will provide working capital and funds to support SEYI's expansion and growth.

TAIPEI, Taiwan, Dec. 13, 2011 /PRNewswire-Asia/ -- SEYI (SHIEH YIH MACHINERY) (4533 TT), one of the world's leading producers of mechanical presses, announced that it has successfully completed a Revolving Credit Agreement with a group of banks led by First Commercial Bank of Taiwan. Ten banks participated, including Hua Nan Bank, Bank SinoPac, Mega Bank and Taipei Fubon Bank. The new five year facility will provide working capital and funds to support SEYI's future expansion and growth.

The Revolving Credit Agreement includes a TWD1.8 billion (USD 59.6 million) Tranche A, and a USD 16.5 million Tranche B. No repayments of principal will be required under the Revolving Credit Agreement for three years, with 25% of the principal due at the end of each of the third and fourth years, and 50% due at the end of year five.

Commenting on the Revolving Credit Agreement, Ms. Elaine Wu, Chief Financial Officer, said: "This new credit facility is a financial milestone in the development of SEYI. It enables us to put our bank financing on a firm, long term footing, and provides us with funds to support the company's future expansion and growth."

Commenting further, Ms. Wu said, "We reported that Sales of TWD 3.0 billion (USD 100.0 million) for the first nine months of 2011 were 32% higher than last year, and that Net Income of TWD 123.8 million(USD 4.1 million) was 49% ahead of 2010. Moreover, the results from our participation in MetalForm China 2011 in Shanghai, MF Tokyo 2011 in Japan and the recent FABTECH 2011 show in Chicago have been positive. Customer reception of the new lineup of Servo Press products that SEYI exhibited at the shows was strong, and we have already received new orders. SEYI's growth in new product sales will enable us to take the overall business to another level. In these uncertain economic times, we are particularly pleased with the progress that we have made, and by the warm reception and broad participation that we received from the banking community as a result."

About SEYI

Founded in 1962, SEYI has established a position of global leadership in the press building industry over the past 49 years. SEYI manufactures mechanical presses, ranging in size from 25 to 2400 tons, at facilities located in Taiwan and the People's Republic of China. At its original location in Taoyuan, Taiwan, SEYI operates a 12,500 square meter facility, and in 2003 the Company began production in Mainland China at an 11,000 square meter facility located in Kunshan, Jiangsu Province. Combined production capacity at the Taoyuan and Kunshan plants approaches 4,000 presses annually.  Construction of a second 11,000 square meter facility in Kunshan was completed in 2009 and began production in 2011. The new facility in Kunshan will manufacture up to 300 presses annually, ranging in size from 300 to 4,000 tons. SEYI products have been sold to customers in over 40 countries around the world, and the Company is the dominant foreign supplier to Mainland China, India, South East Asia and the Americas in terms of volume.  SEYI is the recipient of numerous quality awards from around the world.

The Company completed an initial public offering of its common stock in 2002 and is traded on the Taiwanese OTC (4533 TT) market.

Note: TWD 30.212 to USD 1.0

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