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Zoltek Receives Financing To Expand Capacity, Cut Debt

Zoltek Companies Inc., a St. Louis-based applied technology and materials company, has agreed to a $20 million financing package consisting of privately placed debentures that will be convertible to shares of the company's common stock. The debentures, secured by Zoltek's Hungarian subsidiary's existing carbon fiber assets, will be used to retire bank debt; reactivate all continuous carbon fiber production lines at its Abilene, Texas, plant; and convert all acrylic fiber production to carbon precursor and add 1,000 tons per year of new carbon fiber production capacity at its plant in Hungary. The production conversion and capacity expansion in Hungary are scheduled for completion by May 2005. Once the two facilities are operating at full capacity, the company expects to be able to produce 4,500 tons of continuous carbon fibers annually.

"We are sticking to our strategy of making large quantities of commercial carbon fibers available for commercial applications at stable and affordable prices," said Zsolt Rumy, chairman and CEO.

December 2004