DALLAS, Feb. 27 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin Board: CRDT), a leading healthcare staffing company, today announced it has completed a $10.2 million long-term debt financing with ComVest Capital LLC, based in Palm Beach, Florida. Proceeds will be used to replace Crdentia's existing credit facility and for general working capital purposes.
The $10.2 million financing is comprised of a two-year $5.2 million Revolving Credit Note, bearing interest at the greater of the Prime Rate plus 2% or 8.5%, and two separate two-year term loans, each amounting to $2.5 million and bearing annual interest of 12.5%.
John Kaiser, CEO of Crdentia said, "We are pleased to have completed this long-term financing that reduces Crdentia's overall borrowing costs while enhancing our financial flexibility with the addition of substantial working capital. Crdentia is now on a much stronger financial footing as we move forward with our objectives of achieving profitability through improved operating performance and executing our growth initiatives to bolster our presence in key Sun Belt markets."
About Crdentia Corp.
Crdentia Corp., one of the nation's leading providers of healthcare staffing solutions, is focused on recruiting talented national and international healthcare professionals to meet the ever-increasing employment needs of over 2,300 clients. Crdentia is one of the few companies that can provide quality temporary staff for all healthcare industry positions including local nurses, travel nurses, allied health, locum tenens and home care professionals. For more information, visit http://www.crdentia.com.
Forward Looking Statements
Statements contained in this release that are not historical facts are
forward-looking statements that involve risks and uncertainties. Among the
important factors which could cause actual results to differ materially
from those in the forward-looking statements include, but are not limited
to, those discussed in "Risk Factors" in the Company's Forms 10-K, Forms
10-Q, and other filings with the Securities and Exchange Commission. Such
risk factors include, but are not limited to, a limited operating history
with no earnings; reliance on the Company's management team, members of
which have other business interests; the ability to successfully implement
the Company's business plan; the ability to continue as a going concern;
the ability to fund the Company's business and acquisition strategy; the
growth of the temporary healthcare professional staffing business;
difficulty in managing operations of acquired businesses; uncertainty in
government regulation of the healthcare industry; and the limited public
market for the Company's common stock. The actual results that the Company
achieves may differ materially from any forward-looking statements due to
such risks and uncertainties. Crdentia undertakes no obligation to revise
or update publicly any forward-looking statements for any reason.
Contact Crdentia Corp.
John Kaiser, CEO
Jim TerBeest, CFO
|SOURCE Crdentia Corp.|
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