Boca Raton, FL, June 08, 2006--Q.E.P. Co., today announced that effective June 1, 2006, the company entered into a Seventh Amendment and Waiver Agreement to its Second Amended and Restated Loan Agreement dated as of November 14, 2002 (as amended and in effect from time to time), with Bank of America, N.A. and HSBC Bank USA, National Association (the "Amendment").
The Amendment, among other things, waived the company's violation of a financial covenant and modified certain other items.
Lewis Gould, Q.E.P.'s chairman and CEO, stated: "We are pleased to have concluded these negotiations with our lenders." Additional information on the Amendment is included in a Current Report on Form 8-K filed with the Securities and Exchange Commission on June 7, 2006.
