Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact: Joseph J. Berns
Vice President - Finance
(781) 828-0220 Ext. 1377

Plymouth Rubber Announces Completion of Debt Restructuring

Canton, Massachusetts (Monday, December 23, 2002) - Plymouth Rubber
Company, Inc. (AMEX: PLR.A, PLR.B) (the "Company") announced today that
it has completed the restructuring of its indebtedness following
extensive negotiations with its lenders to refinance its existing debt
and to resolve the Company's default under its existing loan
agreements.  The Company had previously announced that it had reached
an agreement in principle with these same lenders, subject to the
execution of mutually satisfactory documentation.
As previously reported, the restructuring will improve the Company's
overall financial position providing immediate benefit in the form of
reduced cash flow required for debt service.
Under the new arrangements, the equipment lenders have agreed to (i)
reduce principal payments on debt from approximately $9,200,000 to
$4,100,000 for the period April 1, 2002 through September 30, 2005;
(ii) establish the maturity dates of the remaining debt, approximately
$4,500,000 on October 1, 2005, and $1,300,000 between October 1, 2005
and May 1, 2008; (iii) eliminate financial covenants; (iv) waive
existing defaults; and (v) rescind prior demands for accelerated
payments.

As part of these arrangements, the Company is granting to the lenders
(i) a mortgage on its manufacturing facility in Canton, Massachusetts
and (ii) security interests in all of its patents, trademarks,
intangibles, accounts, fixtures, products and proceeds.
Plymouth Rubber Company, Inc. manufactures and distributes plastic and
rubber products, including automotive tapes, insulating tapes, and
other industrial tapes and films. The Company's tape products are used
by the electrical supply industry, electric utilities, and automotive
and other original equipment manufacturers. Through its Brite-Line
Technologies subsidiary, Plymouth manufactures and supplies highway
marking products.

This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities and Exchange Act of 1934. The Company's actual results could
differ materially from those set forth in the forward-looking
statements as a result of various factors, including those referenced
in the "Management's Discussion and Analysis" section of the Company's
most recent Annual Report on Form 10-K, which is on file with the SEC.