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Date Announced: 29 May 2012
Two-year agreement said to "eliminates any liquidity issues" for the dental laser specialist as it looks to expand.
IRVINE, CA (May 29, 2012) - BIOLASE, Inc. (NASDAQ:BIOL), the World's leading dental laser manufacturer and distributor, today announced that it has secured a new $8 million revolving credit facility with Comerica Bank. The new two-year credit facility is based on the Company's eligible accounts receivable and inventory and will be used for working capital purposes.
Chief Operating Officer and Chief Financial Officer Fred Furry said, "We are very pleased to be partnering with Comerica Bank. This credit facility gives us substantial access to capital as we invest in new product lines and platforms, and eliminates any liquidity issues that could arise as we work diligently to rapidly return to a cash flow positive mode in the current year."
Source: Biolase
E-mail: via web site
Web Site: www.biolase.com
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