EF Johnson Technologies, Inc. Announces Amendment to Bank Agreement

Irving, TX – March 19, 2009 – EF Johnson Technologies, Inc. (NASDAQ: EFJI) announced today that it has finalized an amendment to its revolving line of credit and term loan agreement with Bank of America, N.A..

“We are pleased with the banks' support of our strategic actions and their confidence in our ability to improve our financial position,” said Michael Jalbert, president and chief executive officer of EF Johnson Technologies, Inc.

For the quarter ended December 31, 2008, the Company was not in compliance with the financial covenant relating to the maintenance of a minimum EBITDA. As a result, the Company and Bank of America executed an amendment which provides a one-time waiver for compliance with that financial covenant. In exchange for the waiver, the Company agreed to (i) reduce the maximum principal amount of the revolving credit line from $15.0 million to $10.0 million, (ii) provide cash collateral in the amount of $3.0 million as additional security for the term loan governed by the loan agreement, (iii) revise certain financial covenants, and (iv) adjust the interest rate on both the revolving note and term note issued under the loan agreement. The amendment is discussed in more detail in the Company’s Form 8-K, filed with the Securities and Exchange Commission on this date.
 

About EF Johnson Technologies, Inc.

EF Johnson Technologies, Inc. is an independent subsidiary of JVCKENWOOD Corporation. Headquartered in Irving, Texas, EFJohnson focuses on innovating, developing and marketing the highest quality secure communications solutions to organizations whose mission is to protect and save lives. The Company’s customers include first responders in public safety and public service, the federal government, and industrial organizations. The Company’s products are marketed under the EFJohnson and Kenwood brands. For more information, visit www.efjohnson.com.

About JVCKENWOOD

JVCKENWOOD is a global manufacturer specializing in Automotive and Professional System Solutions. It was reborn as one company in October 2011 through the merger of Victor Company of Japan, Limited (JVC) and Kenwood Corporation (Kenwood) three years after management integration. JVCKENWOOD operates four business segments, Car Electronics, Professional Systems, Optical & Audio, and Entertainment Software with image, sound, and radio technologies, as well as infotainment and visual software. JVCKENWOOD creates excitement and peace of mind, while aiming to achieve profitable growth and become a business group that is widely trusted by society. For more information, visit http://www.jvckenwood.co.jp/en/.

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