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WEST BERLIN,
N.J.--(Feb 28, 2008)--EP MedSystems,
Inc. (NASDAQ: EPMD - News),
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.
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