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Crdentia Announces Completion of Financing Transactions
Date:7/9/2008

DALLAS, July 9 /PRNewswire-FirstCall/ -- Crdentia Corp. (OTC Bulletin Board: CRDT), a leading healthcare staffing company, today announced it has expanded its accounts receivable-based revolving credit facility to $7.5 million from $5.2 million and revised and expanded existing term loans including a new $1.5 million debt investment in the Company. Separately, the Company also announced that it has completed a private placement equity offering for aggregate proceeds of $1 million. Proceeds will be used for general working capital purposes.

Crdentia signed agreements with Capital TempFunds, a division of Capital Business LLC, to have them take over from ComVest Capital, LLC (ComVest) a majority of Crdentia's existing accounts receivable-based revolving credit facility and to increase the facility to $7.5 million from $5.2 million. In addition, the term debt presently in place from ComVest (two tranches of three-year term debt of $2.5 million each) was revised as follows: (i) the principal payments on Tranche A Note were delayed and amortization will commence in September 2009, (ii) $1.5 million was added to the principal amount of Tranche B to increase the balance to $4 million and Tranche B is now convertible at the option of ComVest upon certain triggering events at the same price of the equity financing. In addition, the original warrant to ComVest to purchase 8,000,000 shares has been redeemed in exchange for a Trance C Note in the amount of $2.4 million thereby retiring this warrant.

The expanded revolving credit facility bears interest at the greater of (a) the prime rate of interest quoted in the Wall Street Journal plus 2.0% or (b) 8.5%. The term loans bear interest at 12.5% annually. In addition to the above, Crdentia issued a Common Stock Purchase Warrant to ComVest to purchase up to 525,000 shares of Common Stock of Crdentia with an exercise price of $0.35 per share.

The private placement is comprised of 3,333,333 shares of comm
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SOURCE Crdentia Corp.
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