EP Medsystems (MM) (NASDAQ:EPMD)
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EP MedSystems, Inc. (NASDAQ: EPMD), today announced that it has
completed funding on a $3 million secured loan facility with Keltic
Financial Partners, LP, an asset-based lender. The loan arrangement
includes a $1.5 million asset-based revolving credit agreement and a
$1.5 million term loan, each with a three year term. The loan facility
is secured by a first lien on all assets of the Company with interest
rates up to Prime plus 2.0%. The Company also issued warrants to Keltic
to purchase 25,000 shares of the Company's Common Stock at $2.50 per
share. The Company used proceeds from the facility to pay off its $2.0
million convertible debt.
At December 31, 2007, the Company had approximately $5.6 million of cash
on hand compared to $5.6 million at September 30, 2007 and $7.7 million
at the end of 2006. James Caruso, Chief Financial Officer of the
Company, said, “This loan facility funds the
repayment of convertible debt that has come due and provides for working
capital in addition to our cash on hand to help support continued growth
of EP MedSystems.”
About EP MedSystems:
EP MedSystems develops, manufactures and markets a line of products for
use in the cardiac rhythm management or electrophysiology (“EP”)
market which are used for visualization, diagnosis and treatment of
cardiac rhythm disorders. The Company's EP product line includes the
EP-WorkMate® computerized electrophysiology
workstation, with expansion options to incorporate the MapMate®
Navigation Interface, the NurseMate™ Remote
Review Charting Station, and the EP-4™
Computerized Cardiac Stimulator. In addition, our intracardiac echo
(ultrasound or ICE) ultrasound catheter system, including our ViewFlex®
intracardiac imaging catheters and ViewMate®
II ultrasound imaging system, is used for live visualization of devices
and anatomy during catheter based procedures in EP and interventional
cardiology. For more information, visit our website at www.epmedsystems.com.