Navigation Links
Corgenix Secures $1,750,000 Asset Based Credit Facility Representing Initial Gross Proceeds of $1.109 Million
Date:10/6/2009

DENVER, Oct. 6 /PRNewswire-FirstCall/ -- Corgenix Medical Corporation (OTC Bulletin Board: CONX), a worldwide developer and marketer of diagnostic test kits, has announced that the company has been successful in securing a $1,750,000 credit facility providing initial funding of $1,109,000 in an asset based financing from Summit Financial Resources L.P. This financing allowed for the retirement of the company's factoring line of credit with Benefactor Funding Corp., 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.

"This transaction, which is the culmination of many weeks of discussions with the Summit team, is a vital element in furthering the execution of our strategic plan," stated William Critchfield, Senior Vice President and Chief Financial Officer of Corgenix. "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."

Gordon La Haye, President & CEO of Summit Financial Resources, commented, "Summit is very pleased that Corgenix has chosen to replace their existing line with our working capital facility. We look forward to helping them achieve their growth objectives with this new, more flexible credit line." The Summit Financial Resources team was led by Renee Jackson, VP, Business Development Officer for the Intermountain Region, based in Denver.

"We have been extremely impressed by the professionalism and the very organized approach put forth by Summit," stated Critchfield. "Summit's asset size along with the broad expertise possessed by their management and lending team is very impressive. The fact that they were equally excited to have Corgenix as a portfolio company, after their having performed extremely comprehensive due diligence on our company, bodes very well for the future of our Company."

About Corgenix Medical Corporation

Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world's only non-blood-based test for aspirin effect. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network and has significant experience advancing products through the FDA process. More information is available at www.corgenix.com.

About Summit Financial Resources L.P.

Summit Financial Resources is a nationally recognized provider of working capital financing to small and medium-sized businesses in a broad range of industries. With 16 offices nationwide and over 20 years of experience, Summit has established itself as one of the largest and fastest growing companies in its industry.

Statements in this press release that are not strictly historical facts are "forward-looking" statements (identified by the words "believe", "estimate", "project", "expect" or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements.

SOURCE Corgenix Medical Corporation


'/>"/>
SOURCE Corgenix Medical Corporation
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Corgenix Signs Technology Licensing Agreement With Japanese Government
2. Corgenix to Exhibit AspirinWorks(R) Test at ACC 2008 Meeting in Chicago
3. Corgenix Announces FDA Clearance for IgG Anti-AtherOx(R) Test Kit
4. Corgenix to Host Conference Call to Discuss Third Quarter Fiscal 2008 Results
5. Corgenix to Exhibit AspirinWorks(R) Test at ADA 2008 Meeting in San Francisco
6. Corgenix Expands Scientific Advisory Board
7. Corgenix to Host Conference Call to Discuss Fiscal 2008 Results
8. Corgenix Reports Fiscal 2008 Financial Results
9. Corgenix Receives Third U.S. Patent on AtherOx(R) Technology
10. Corgenix to Exhibit AspirinWorks(R) Test, Discuss New CHARISMA Trial Results at AHA 2008 Meeting
11. Corgenix to Host Conference Call to Discuss First Quarter Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/7/2016)... /PRNewswire/ - OncoQuest Inc. ("OncoQuest"), a biopharmaceutical company ... products for the treatment of cancer, today announced ... Development Program with Cytovance Biologics ( Oklahoma ... antibody product. Supported by recent positive interim clinical ... ovarian cancer patients, OncoQuest has engaged Cytovance to ...
(Date:12/7/2016)... , December 8, 2016 The report "Acrylic Processing Aid Market by ... Packaging, Automotive, Consumer Goods) - Global Forecast to 2026", published by MarketsandMarkets, the ... reach USD 1,173.6 Million by 2026, registering an of CAGR of 6.2% between ... ... MarketsandMarkets Logo ...
(Date:12/7/2016)... ARBOR, Mich. , Dec. 7, 2016  Lycera ... modulatory medicines, announced today the initiation of a Phase ... LYC-30937- E nteric C oated, in patients with ... is estimated to affect as many as 7.5 million people ... approximately 1.5 - 3 million cases being diagnosed as ...
(Date:12/7/2016)... ... December 07, 2016 , ... ... and online shopping cart. The new website has been designed to provide ... digital components allow customers to access detailed product information, read educational industry content ...
Breaking Biology Technology:
(Date:11/24/2016)... 23, 2016 Cercacor today introduced Ember TM ... trainers non-invasively measure hemoglobin, Oxygen Content, Oxygen ... Respiration Rate in approximately 30 seconds. Smaller than a ... immediate access to key data about their bodies to ... regimen. Hemoglobin carries oxygen to muscles. ...
(Date:11/22/2016)... Minn. , Nov. 22, 2016   MedNet ... supports the entire spectrum of clinical research, is pleased ... Medical LiveWire Healthcare and Life Sciences Awards ... award caps off an unprecedented year of recognition and ... trials for over 15 years. iMedNet ...
(Date:11/19/2016)... 18, 2016 Securus Technologies, a leading provider ... safety, investigation, corrections and monitoring, announced today that it ... to have an independent technology judge determine who has ... high tech/sophisticated telephone calling platform, and the best customer ... do most of what we do – which clearly ...
Breaking Biology News(10 mins):