Corgenix Medical Secures $1.75 Million Credit Facility
October 7, 2009 (FinancialWire) — Corgenix Medical Corp. (OTCBB: CONX) (Current Market Cap: $3.03 Mil.) has secured a $1.75 million credit facility providing initial funding of $1.109 million in an asset based financing from Summit Financial Resources L.P.
According to Corgenix, the financing allowed for the retirement of the company’s factoring line of credit with Benefactor Funding, and will be used for working capital purposes.
The agreement with Summit initially has a term of three years. Under the agreement, the company has the ability to borrow up to $1.75 million in cash secured by accounts receivable, inventory and other assets.
company CFO William Critchfield said, “The new financing allows us to retire the existing factoring line, provides us with a fresh infusion of cash, and further provides us much greater financial flexibility and growth potential going forward.”
Denver-based Corgenix Medical is engaged in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders.
FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.
Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.
